What will be the accounting entry for this?
This query is : Resolved
07 April 2018
Ram sold a Saree to Sita for Rs. 5,00,000. cash discount is 10%, trade discount is 10% and gst is 18%. What will be the accounting entry in this case with amount?
Guest
Guest
(Expert)
07 April 2018
Cash A/c Dr. 4,72,000
Trade discount A/c Dr. 50,000 (10% of 5 lac)
Cash discount A/c Dr. 50,000 (10% of 5 lac)
To Sales 5,00,000
To CGST 36,000 (9% of 5 lac - Discounts)
To SGST 36,000 (9% of 5 lac - Discounts)
Trade discount A/c Dr. 50,000 (10% of 5 lac)
Cash discount A/c Dr. 50,000 (10% of 5 lac)
To Sales 5,00,000
To CGST 36,000 (9% of 5 lac - Discounts)
To SGST 36,000 (9% of 5 lac - Discounts)
09 April 2018
i THINK trade discount does not come in the accounts ...
Guest
Guest
(Expert)
09 April 2018
Yes, in the trading account. But it may be kept if required. You can show net sales value in trading account.
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