Journal Entry
This query is : Open
Rahul Pawar
(Querist)
18 August 2016
List price of Goods is Rs.5000 sold at 6% trade discount and 1% cash discount. 60% of the amount is paid in cash.
Kaushik Joshi
(Expert)
18 August 2016
The journal entry would be as follows:
Cash Account.... Dr. 2791.80
Debtors Account.. Dr 1880.00
Cash discount..Dr. 28.20
To Sales. 4700
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