sold goods of 50000 at 10% trade discount and 10% cash discount to Raj and received 50% by cheque and 20% by cash... give it by full explaination how the entry came.. pls..
Answers
Explanation:
BankA/c Dr. 20250
Cash Ac Dr. 8100
Discount Ac Dr. 3150
RajAc Dr. 13500
To Sales Ac 45000
(being goods sold at 10% TD and 10% CD to Raj and recieved 50% by cheque and 20% cash)
Working note...
selling price =50000
TD=10/100×50000
=5000
Net selling price =50000-5000
=45000 .....Sales Ac
50%net selling price received by cheque
50%net price- cash discount
50/100×45000
=22500
10% Cash discount =10/100×22500
=2250
thus, 22500-2250=20250 .....Bank Ac
20% net selling price received by cash
20% net selling price - cash discount
20/100×45000-cash discount on goods
= 9000-900
=8100....Cash Ac
30% net selling price is not received
= not received amount = 30/100×45000
=13500......Raj Ac