sold goods to garima for Rs 100000allowed her 20%trade discount and 5% cash discount if the payment is made within 15 days she paid 1/4of the amount by cheque on feb and 60%of the remainder on feb 15th in cash
Answers
1) Garima A/c Dr. 60000
Bank A/c Dr. 19000
Discount A/cDr. 1000
To sales A/c. 80000
15-2 Cash A/c Dr. 57000
Discount A/c Dr. 3000
To Garima A/c. 60000
Answer:
Journal Entry
Explanation:
Garima A/c Dr. 60000
Bank A/c Dr. 19000
Discount A/cDr. 1000
To sales A/c. 80000
(being payment done )
Cash A/c Dr. 57000
Discount A/c Dr. 3000
To Garima A/c. 60000
(being payment done in full settlement)
Rules of journal entry
- Debit the receiver and credit the giver. ...
- Debit what comes in and credit what goes out. ...
- Debit expenses and losses, credit income and gains.
Types of entries
Opening entries. These entries carry over the ending balance from the previous accounting period as the beginning balance for the current accounting period. ...
Transfer entries. ...
Closing entries. ...
Adjusting entries. ...
Compound entries. ...
Reversing entries
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