Sold to haryana stores on cash basis goods worth RS. 500 subject to a trade discount of 15% and a cash discount of 5%. Pass journal entry. Please solve it is urgent .
If u don't know then don't answer me.
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Sold to haryana stores on cash basis goods worth RS. 500 subject to a trade discount of 15% and a cash discount of 5%. Pass journal entry. Please solve it is urgent .
If u don't know then don't answer me.
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Answer:
Cash Ac Dr. 403.75
Discount allowed Ac. Dr. 21.25
To Sales Ac. 425
Hope this helps....
cash A/c. dr. (as cash comes in). 403(round off)
discount Allowed A/c. dr. (expense). 21(round off)
to sales A/c (income). 425