Question

sold goods purchased at listprice of 50000 rupees less 15 % discount sold at a profit of 25% less 10% trade discount against cheque journal entry

Answer 1

Journal entry -

Bank a/c Dr. - 52594

To Sales a/c - 52594


Working notes -


Cost price of goods = 50,000 x 85/100 = 42,500.

Selling price of goods = 42,500 x 125/100 = 53,125.

Trade discount = 10/100 x 53,125 = 531
Trade discount is not shown in books.

Net selling price = 53,125 - 531 = 52,594.

Answer 2

"Journal Entries:

Bank a/c = 52594 and to Sales a/c = 52594  

Working notes give below:

Cost of merchandise $=\quad 50000\quad \times \quad \frac { 85 }{ 100 } \quad =\quad 42500$

Selling cost of merchandise $=\quad 42500\quad \times \quad \frac { 125 }{ 100 } \quad =\quad 53125$

Discount in Trade $=\quad \frac { 10 }{ 100 } \quad \times \quad 53125\quad =\quad 5312.5$

Trade discount isn't appeared in books.  

Net selling cost = 53,125 - 5312.5 = 47812.5"