Journal entry for-Bought goods at list price of 15000 from Rakesh less

1.	Journal entry for-Bought goods at list price of 15000 from Rakesh less 10% trade discount and 5% cash discount and paid 40% price immediately. Also apply 12% IGST solution with journal entries
Answer» Purchases A/c - - - - -DR 13500 Input IGST A/c - - - - - Dr 1620 To Cash A/c. 5746 To Discount received A/c. 302 To Rakesh's A/c 9072 ( being goods purchased @ 10% trade discount, 5% cash discount, 12% IGST. PAID 40% Price immediately)

Journal entry for-Bought goods at list price of 15000 from Rakesh less 10% trade discount and 5% cash discount and paid 40% price immediately. Also apply 12% IGST solution with journal entries

Answer»

Purchases A/c - - - - -DR 13500

Input IGST A/c - - - - - Dr 1620

To Cash A/c. 5746

To Discount received A/c. 302

To Rakesh's A/c 9072

( being goods purchased @ 10% trade discount, 5% cash discount, 12% IGST. PAID 40% Price immediately)

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Journal entry for-Bought goods at list price of 15000 from Rakesh less 10% trade discount and 5% cash discount and paid 40% price immediately. Also apply 12% IGST solution with journal entries

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