Question

sold goods costing 60000 to Kishore against cheque at a profit of 25% on cost less 10% trade discount. Cash discount allowed @2% on sale price. What will be the Journal Entry for this?

Answer 1

Answer:

bank a/c - Dr 66150

cash discount@2% a/c -dr 1350

to sales a/c 54000

to p/L a/c 13500