Question

supplied good costing rs36000 to sanjay issued invoice at20%above cost less 10% trade discount
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Answer 1

Answer:

hope it helps you .......

Answer 2

Given in the question :

supplied good costing Rs. 36000 to sanjay

issued invoice at 20%above cost

10% trade discount

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To Find :

(A) Sales Value = ?

(B) Journal entry to the following = ?

Solution :

Part (A)

As we know that,

Sales Value = Cost of the goods sold (cogs) + inflated percentage to be added - trade discount allowed or given

And now,

Cost of the goods sold (cogs) = Rs. 36000

Inflated percentage to be added = 20% above cost

Trade discount = 10%

So,

36000 + 20%*(36000) = 43200 = 43200 - trade discount = 38880

Therefore, the sales value amounts to Rs. 38880.

Part (B)

Also, journal entry to the following will be as :

Date      Particulars                                          Debit (Rs.)         Credit (Rs.)

 -         Sanjay A/c .....        Dr.                        38880

                     To Sales A/c                                                             38880

          (being goods sold at 10% discount)

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