Question

Sold goods at varanasi costing 225000 at 33 and 1/3% profit less trade discount 10% against cheque which was deposited into bank. Journal entry

Answer 1

Answer:

Bank A/C Dr. 270000

To Sales A/C 270000

Calculation

Cost =225000

Profit = 33 1/3 % i.e., 100/300 i.e., 1/3

So selling price = 225000 + 1/3 of 225000

= 300000

Less : Trade Discount @10%= 30000

Selling Price = Rs 270000.

Answer 2

Answer:

Explanation:

costing of goods = 225000

rate = 1/3 % ( profit )

CP = ( SP * 100 ) / ( 100 + percentage profit).P

Profit = 75000

Total sale = 225000 + 75000 = 300000

Discount given = 10 %

= 300000 × 30 /100

= 90000

Amount will be = 300000 -90000

= 210000