"supplied goods costing Rs. 600 to gopi and sons. Issued invoice at 10%above cost less 5%trade discount "howI can jounalise this
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Answer:
Cost price = Rs.6000
Profit = 10%(Rs.6000) = Rs.600
List Price = Rs.6000 + Rs.600 = Rs.6,600
Trade Discount = 5%(6,600) = Rs.330
Invoice Price = Rs.6600 - Rs.330 = Rs.6,270
Journal Entry
M/S Kalu sons A/C Dr Rs.6,270
To Sales A/C Rs.6,270
(being goods sold to M/S Kalu Sons)
Explanation:
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