sold goods costing 600 to mohan issued at 10%above cost less 5% trade discount
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Answered by
4
Mohan. Dr. 627
To sales a/c. 627
To sales a/c. 627
Answered by
2
List Price = Cost price + 10% (cost price)
List Price = Rs600 + 10% (600)
= Rs 600 + Rs60 = 660
Trade Discount = 5% (Rs660) = Rs 33
Invoice Price = Rs 660 - Rs 33 = Rs 627
Journal Entry :-
Mohan A/C Dr. Rs 627
To sales A/C Rs 627
Hope it may helps you ^_^
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