What will be the accounting entry for this?
This query is : Resolved
Harpreet Singh
(Querist)
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)
CA SAYANTAN BASU
(Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Gift to nri relatives residing in usa
- GST input credit on commercial property
- ETDS return q4 25-26
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
