Question

sold goods to neha of Rs. 8000 at 5% trade discount ???​

Answer 1

Answer:

5/100*8000

Explanation:

400 answer

Answer 2

Answer:

journal entry is

Neha a/c dr 7600

to sale a/c 7600

(being goods sold to Neha and also providing her discount)

Explanation:

Trade discount(not recorded in books) 8000*5%=400

Sales Value=8000-400=7600

we need to pass the journal

 some basic rules for journal

Increase in Asset debit

Revenue will be credited

Our transaction is

Sold goods to Neha at list prices of 8000 at a 5% trade discount

Aspect 1. Sold goods to Neha, the sale is our revenue and revenue will be credited.

Aspect 2. for credit sale debtor will be increased so Neha will be debited

according to the above rule Increase in Asset

Journal Entry

Particular                                               Dr.(Amount)   Cr.(Amount)

Neha A/C     Dr.                                      7600

   To Sales  A/C                                                                  7600

(Being Sold goods to Neha)

sale goods on credit

A corporation makes money when it sells products and permits the customer to pay later. This is known as a sale on credit. Another name for this is a sale on the account. Typically, this means that the seller of the items is giving the buyer ownership of those goods in exchange for receiving a current asset called accounts receivable.

Simply put, "sold products on credit" refers to the sale of commodities on a credit basis. giving the buyer products with the understanding that payment will come later. This amount due by the debtor is a current asset for the business and increases its accounts receivable. Journal entry for merchandise sold with credit.

What is Trade Discount?

Trade Discount is the discount that manufacturers or wholesalers give to their consumers at the time of purchase, based on a predetermined percentage off the item's catalogue price. Manufacturers utilise it as a tactic to draw people in, boost sales, and promote large purchases. As a result, the rate of discount generally rises along with the volume of transactions.

• The fact that trade discounts are neither deducted nor credited in the journal entry is crucial. As a result, the discount is deducted from the quoted price, and the journal record for the transactions is updated to reflect the new price.
• Additionally, the trade discount is once more subtracted from the catalogue price of the goods at the time of purchase or sales return, and the net amount is entered.

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