Question

What will be the journal entry for the following transaction and how will you post it in
the Yamin's account and Sales account of the firm?
2020
April 4
Sold goods to Yamın for 20.000 at 10% trade discount and 3% cash
discount. He paid 50% of the amount immediately through a bankers
cheque​

Answer 1

Answer:

Amount. = 20000

(-) 10% trade discount =. 2000

=18000

Yamin paid 50% amount. so cash discount is calculated on 18000×50%=9000-cash discount 3%(9000-9000×3%)=9000-270=8730

Journal entry

Bank account. dr 8730

Discount allowed dr 270

Yamin. dr 9000

To sale account. 18000

Yamin. account

particular. amt. particular. amt

To sale a/c. 9000

.. Sale account

particular. amt. particular. amt

bank a/c. 8730

discount

allowed. 270

Yamin. 9000

Answer 2

Amount. = 20000

(-) 10% trade discount = 2000

=18000

Yamin paid 50% amount. so cash discount is calculated on 18000×50%=9000-cash discount 3%(9000-9000×3%)=9000-270=8730

Journal entry

Bank account. dr 8730

Discount allowed dr 270

Yamin. dr 9000

To sale account. 18000

Yamin account

PARTICULAR AMT PARTICULAR AMT

To sale a/c 9000

Sale account

Particular Amt Particular Amt

Bank a/c. 8730

Discount

Allowed 270

Yamin 9000