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Discount allowed journal entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 March 2013 Received cash from customer for $2940 after allowing 2% cash discount.
What is total amount receivable?
Somebody answer me quick.
Im having trouble with the calculation of total amount receivable and discounted amount.
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
06 March 2013 Total Cash Received - 2940 $

For every 100$ You would receive 98$ after cash discount of 2$.

Total receivable would be - 2940/98*100 i.e 3000$ and cash discount would be 60$
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