Question

Sold goods to Priyanka 20000 at 10% trade discount.

Answer 1

Explanation:

sold goods to Priyanka 20000 at 10 parcent trade discount

Answer 2

Answer:

Net sales = sales- trade discount

=20000-(20000*10%)

=18000

trade discount is = 2000

3 golden rules

• real account

debit what comes in, credit what goes out

• personal account

debit the receiver, credit the giver

• nominal account

debit all the expenses and losses, credit all the incomes and gains

analyse the issue: 3 impacted accounts

sales - nominal A/c income received therefore its credited

Trade discount - nominal account - loss or expenses to the company therefore it debited

Priyanka- personal A/c- he's the receiver of goods therefore it debited

Journal entry

Priyanka A/c Dr 18000

Discount allowed A/c Dr 2000

To sales A/c 20000

narration is (being credit sales made)

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