Question

subham purchase goods from yash of rupees 1 lakh on credit trade discount 20% and on prompt payment 2% cash discount is allowed

Answer 1

heyaa,,,
a/q.
journal entry will be;
purchase a/c Dr 80,000
to yash a/c. 80,000.
(being goods purchased from yash. )


here, Cash is not paid so, there will be no entry for cash discount.
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hope it helps☺☺☺

Answer 2

Hello!!

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The journal entry for :- Subham purchased goods from Yash for rs 1 lakhs on credit, trade discount 20 %.

will be:-

Purchase account . Dr 80,000
To Yash account 80,000

(being goods purchased for 1,00,000 @ 20 % trade discount)

Note:- Since there is not any information given regarding to payment, so there will not be entry of cash discount),

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