Question

sold goods to Shweta for ₹ 25,000 @ 5% trade discount and 2% cash discount, half of the amount paid by RTGS and balance by cash. Journal entry with amount.​

Answer 1

Explanation:

with discount Sweta will give=25000-25000*2/100=24500rupees

amount paid by RTGS=24500/2=12250rupees

then total amount paid by cash=12250-12250*2/100=12005rupees

Answer 2

Given,

The sales figure is given as Rs.$25,000$

Trade discount is given at $5$% and cash discount at $2$%

Half the amount is to be paid by RTGS and  half the balance is paid by cash

To find,                

We need to journalize the amount received.

Solution,

•    We are given figures regarding the sales, trade discount, cash discount, and how the balance amount was received
• We need to journalize the entries which we  do as under
• Cash                                 Rs.$11,625$
• Bank (RTGS amount)      Rs.$11,625$
• Trade discount                 Rs.$1,250$
• Cash discount                  Rs.   $500$
• To, Sales                                                    Rs.$25,000$

• We need to debit cash and bank as it is something coming in, so the golden rule is debit what comes in.
• We need to debit trade and cash discount as these are losses for the company and the golden rule says debit all the losses.
• We need to credit Sales as the goods sold are going out of the company.