sold goods for rupees 40,000 to anil against a current dated cheque at profit of 25% on cost less 20% trade discount + igst @18% cash discount @ 2% .
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bank a/c Dr 46,256
discount allowed a/c Dr 944
to sales 40,000
to out put IGST 7,200
Explanation:
invoice price 40,000
add profit 25% 10,000
total 50,000
less trade discount 10,000
net sales 40,000
add IGST 7,200
total sales 47,200
less cash dis 944
cash received 46,256
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