Question

sold goods to ravikant worth Rs 60000at 10%td and @18%gst 1/3 amount received by cash at 5% cd make journal entry​

Answer 1

Cash A/c .......Dr                                        20,178

Ravikant A/c ........Dr                                 40,356            

Discount Allowed A/c ........Dr                     3,186

    To Sales A/c                                                                  54,000

    To Output CGST A/c                                                       4,860

    To Output SGST A/c                                                       4,860

( Being goods sold partly on credit

and on cash basis, with 10% t.d )

Working note:

Cost  =  60,000

(-) t.d  =     6,000     ( 10% )

          =   54,000

CGST =      4,860    ( 9% )

SGST =      4,860    ( 9% )

         =   63,720

(-) c.d =       3,186     ( 5% )

          =   60,534    

The cost of the goods is 60,000.

On applying trade discount, the sale price is 54,000.

The CGST and SGST applied is 4,680 each.

The cash discount is 3,186.

Only 1/3rd amount is received, which is 20,178.

The amount payable by Ravikant is 40,356.