Question

Sold to Rajat & Co., Chennai goods costing 10,000 at 25% profit, allowing
10% trade discount and 2.5% cash discount. Charged IGST @ 12%. Rajat & Co.
made 60% payment immediately.
​

Answer 1

JOURNAL ENTRY:-

Rajat's a/c. Dr. 4914

Cash a/c. Dr. 7371

Discount a/c. Dr. 315

To Sales a/c. 11250

To Output IGST a/c. 1350

(Being goods sold to Rajat and Co., allowed trade and cash discount and charged 12% IGST and received 60% amount immediately)

I hope this will help you friend.

Answer 2

cost-----10,000

profit add(25%)-----2500

total=====12500

less trade discount (10%)----11250

add. IGST(12%)----1350

Answer is

cash acc.--------dr.7371

Rajat & co -------dr.5040

discount allowed acc-----dr.189

To sales acc.-------------------11250

To output IGST acc.--------1350

(Being the goods sold costing ₹10000 at 25 % profit less 10% trade discount , allowed cash discount at 2%on 60%payment)

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