Question

sold goods to kamlesh of list price 60000 less 25% trade discount and 2% cash discount and received 50% of payment by cheaue which was deposited in bank on the same day journal entry​

Answer 1

Case 1: Sale goods to Anil for Rs 20,000 allowed him 10% Trade discount and 10% cash discount.

Received half of the amount by cash and balance half by cheque within specified times.

Case 2: Sold goods to Ajay for Rs 50,000 at terms 5% Cash discount and 10% Trade Discount. Half of the

amount received by cheque within specified time.