Question

what is the journal entry for purchased goods worth Rs. 20,000 @10% TD and 5% CD​

Answer 1

Answer:

purchase A/c Dr. 18000

To Cash A/c. 17100

To Discount A/c 900

(20,000 * T.D@10%) i.e 18000

(18,000 * C.D @5%) i.e 900

Answer 2

Answer :

Purchase A/C Dr 18,000

To cash A/C 17,100

To Discount recieved A/C 900

( being goods purchase TD @ 10% & CD @ 5 % )