Question

Sold goods costing ₹10000 at cost plus 20% less 10% trade discount to bhupesh

Answer 1

sales = 10000+20%
           =10000+2000
            =12000

discount = 12000-10%(12000)
                =1200

Net sales = 12000-1200
                  =10800

Bhupesh A/c   Dr  10800
      To sales A/c                  10800
(being sold goods)

Answer 2

The answer is shown below.

Explanation:

The journal entry to record this given transaction is given below:

Bhupesh A/c Dr $10,800

     To Sales A/c $10,800

(Being the goods are sold to bhupesh on credit)

The computation is shown below:

As it is given the goods are sold at cost plus 20% which means

= $10,000 + $10,000 × 20%

= $10,000 + $2,000

= $12,000

Less trade discount means

= $12,000 - $12,000 × 10%

= $12,000 - $1,200

= $10,800

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