Question

Sold goods for cash costing₹5000 ₹4500

Answer 1

Answer:

Date        Particulars                        L.F.        Dr. (Rs.)           Cr. (Rs.)

           Cash A/c Dr.                                       4500

           Discount allowed A/c Dr.                    500

                        To Sales A/c                                                     5000

 (Being Sold goods for cash costing ₹5000 for ₹4500)

Explanation :

According to the modern approach

Increase in asset is debited ( cash A/c is debited)

Increase in expense is debited ( Discount allowed A/c is debited)

Increase in revenue is credited ( Sales A/c is credited)

Hope it helps  :)