Question

Sold goods to Laxman of the list price Rs.1,00,000 less 20% trade discount and 2% cash discount journal entry

Answer 1

Answer:

Journal Entry for Trade Discount

It is generally recorded in the purchases or sales book, but it is not entered into ledger accounts and there is no separate journal entry. However, here is an example demonstrating how a purchase is accounted in case of trade discount.

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