Question

Sold goods to atul of the list price of 30000 rupees at a trade discount of 10%

Answer 1

Atul's A/C Dr. 27000

To Sales A/C 27000

Answer 2

In this question, we are asked to pass necessary journal entries.

BEING GOODS SOLD-

Atul A/C DR 2,700

              To Sales A/C 2,700

( Being goods sold)

• As it was not given in the question that if the cash is received or not so we have assumed that cash is not received.
• Trade discount is given to the customer and it is never recorded in the books of account.
• A price cut applied to a standard or list price that gives buyers a 10% discount on tickets. a proportionate charge against a debt account typically applied in exchange for cash or quick payment.
• A charge paid for interest when financing or buying a debt or note that is past due.
• A trade discount is the difference between the cost of goods or services sold in a commercial setting.
• Small businesses can save money by utilizing trade discounts when acquiring products or services from vendors.
• To qualify for the trade discount, many suppliers mandate that small business payments be made within a certain window of time.

CORRECT QUESTION-

Pass necessary journal entry in the books of the seller for Sold goods to Atul of the list price of 30000 rupees at a trade discount of 10%

PROJECT CODE #SPJ2

https://brainly.in/question/52229014

https://brainly.in/question/43111309