Question

Sold goods to shruti for $80000 at trade discount 15% and 4% cash discount. Received 75% amount paid by through a cheque

Answer 1

Your answer is in the attachment dear. Do check it.

Answer 2

Journal  Entries in the books of seller

Shruti A/C DR 16,320

Discount Allowed A/C DR 2,720

Bank A/C DR 48,960

                     To Sales A/C  68,000

( Being goods sold and discount recieved )

List Price = 80,000

Trade Discount = 15% of 80,000

                           = 12,000

Agreed Price = 80,000 - 12,000

                     =  68,000

Cash Discount = 4 % of 68,000

                           = 2,720

Amount recieved from cheque

68,000 - 2,720

=  65,280

75 % of 65,280

= 48,960

Amount recieved later = 65,280 - 48,960

                                      = 16,320

Amount recieved through cheque is rupees is 48,960 .