Question

what is the general entry of ,
sold goods to Yamini of list price of 25000 for 23000

Answer 1

Sold Goods to Yamini of List price of 25000 for 23000....so loss to us is 25000-23000=2000 will be the Discount allowed..


so this transaction affects three accounts ... sales a/c,d Discount allowed a/c (it is a nominal account.. because sales is an income&discount allowed is a loss...and all expenses losses Gains income come under nominal account) .. Yamini a/c...(it is Personal account).yamina is the receiver of goods..


we know that...
Personal Account - Debit the receiver, credit the giver

Nominal Account - Debit All expenses and losses, credit All incomes and gains

so.... The Journal Entry will be..

Yamini a/c Dr. 23000

Discount allowed a/c Dr 2000

To sales a/c. 25000

(being Goods Sold)

Answer 2

Answer:

Explanation:

Sold goods will be credited as good is going outside the business ,

By using real account rule _ debit what comes in .

_credit what goes out.so entry will be

Yamini A/C _dr. 23000

Discount allowed A/C _dr.2000

To sales A/C.

25000