CBSE Class 11-commerce Answered
Rebello purchased from Rs.100 each on which he is given 20% Trade Discount. He is further given 2% Cash Discount as he made payment for the purchases immediately. Calculate the amount that Rebello will debit in purchases account. Pass necessary journal entries for the following transaction.
Asked by Topperlearning User | 04 Jul, 2016, 12:36: PM
Expert Answer
Rebello will debit Rs.48,000 to Purchases Account i.e, the amount of Purchases after Trade Discount. Cash Discount received is credited to Discount Received Account.
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Journal |
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Date |
Particulars |
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L.F. |
Dr.Rs. |
Cr.Rs. |
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Purchases A/c To Cash A/c To Discount received A/c (Being the purchases made from Bhavya 600 items @ Rs.100 each at Trade Discount of 20% and 2% cash discount ) |
Dr. |
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48,000 |
47,040 960 |
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Answered by | 04 Jul, 2016, 02:36: PM
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