Question

sold goods of 50,000 at 10% trade discount and 10% cash discount to Raj and received 50% by cheque and 20% by cash. What will be the journal entry?

Answer 1

50000 Goods Sold

10 % trade discount

50000×10÷100 = 5000

50000–5000 = 45000

50% received by cheque means Bank

45000×50÷100 = 22500

20% by Cash

45000×20÷100 = 9000

10% cash discount

Cash 9000 so ,

9000×10÷100 =900

9000–900 = 8100

Cash received 8100 and 900 is discount

Remaining balance 13500 goes to purchasers account suppose X's A/c

Bank ac dr 22500

Cash ac dr 8100

Discount ac dr 900

X's ac dr 13500

To Sales ac 45000

Answer 2

Answer:

sold goods of 50,000 at 10% trade discount and 10% cash discount to Raj and received 50% by cheque and 20% by cash. What will be the journal entry?

50000 Goods Sold

10 % trade discount

50000×10÷100 = 5000

50000–5000 = 45000

50% received by cheque means Bank

45000×50÷100 = 22500

20% by Cash

45000×20÷100 = 9000

10% cash discount

Cash 9000 so ,

9000×10÷100 =900

9000–900 = 8100

Cash received 8100 and 900 is discount

Remaining balance 13500 goes to purchasers account suppose X's A/c

Bank ac dr 22500

Cash ac dr 8100

Discount ac dr 900

X's ac dr 13500

To Sales ac 45000

Dr = Cr = 45000