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sold goods of 50000 at 10% trade discount and 10% cash discount to Raj and received 50% by cheque and 20% by cash... give it by full explaination how the entry came.. pls.. |
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Answer» Explanation: BankA/c Dr. 20250 Cash Ac Dr. 8100 Discount Ac Dr. 3150 RajAc Dr. 13500 To Sales Ac 45000 (being goods sold at 10% TD and 10% CD to Raj and recieved 50% by cheque and 20% cash) WORKING note... selling PRICE =50000 TD=10/100×50000 =5000 NET selling price =50000-5000 =45000 .....Sales Ac 50%net selling price received by cheque 50%net price- cash discount 50/100×45000 =22500 10% Cash discount =10/100×22500 =2250 thus, 22500-2250=20250 .....Bank Ac 20% net selling price received by cash 20% net selling price - cash discount 20/100×45000-cash discount on goods = 9000-900 =8100....Cash Ac 30% net selling price is not received = not received amount = 30/100×45000 =13500......Raj Ac |
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