Question

Sold goods to kailash of the list price of rs100000 at trade discount of 15%

Answer 1

journal entry

Kailash A/c. Dr. 85000
To sales A/c. 85000
(being sold goods to Kailash )


calculations

trade discount = 1,00,000 * 15%
= 15000

trade discount should be deducted from sales price therefore sales price is 85000 (1,00,000 -15000 )

Answer 2

hey mate the journal entry for this will be


Kailash a/c dr 85,000

to sales a/c 85,000

(being goods sold to Kailash)


working note

list price --> 1,00,000

trade discount (15%)--> 15,000

agreed price --> 85,000