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On goods purchases of Rs.2,00,000 got trade discount of
20,000 from supplier, and the amounts paid to supplier is
1,00,000 in cash and RS.1,00,000 in check on the same day,
what would be the general ledger entry ?
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Answer / jitender gupta
No entry.
The question is not completly and proper.because if
purchase from supplier of Rs.2lakh then he is providing
trade discount of Rs.20000 then we purchased from supplier
only amount of Rs.180000.That why the entry will be not.
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / vijendra
the entry is.............
Purchese a/c Dr 200000
to Cash a/c 80000
to bank a/c 100000
to Discount recived a/c 20000
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / mukesh prasad
purchase A/c Dr 180000
Loss on Purchase A/c Dr 20000
To Cash A/c 100000
To bank A/c 100000
| Is This Answer Correct ? | 0 Yes | 3 No |
To all gys that trade Discount not shown is books only cash
discount is showed in the books
The entry will
Purchase A/c 180000/-
To Supplier 180000/-
( at the time of Purchase )
Supplier 200000
TO cash 100000
To Bank 100000
( at the of payment )
Now your creditors has become your Debtors having on account
balance of Rs 20000/-
| Is This Answer Correct ? | 1 Yes | 6 No |
Answer / saurabh
Purchase a/c dr. 200000
Suppliers a/c dr. 20000
to cash 100000
to bank a/c 100000
to discount a/c 20000
| Is This Answer Correct ? | 5 Yes | 11 No |
Purchase a/c dr 180000
to cash a/c 80000
to bank a/c 100000
| Is This Answer Correct ? | 4 Yes | 13 No |
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what will be the journal entry-discount rs 2000 allowed to mr x.and discount received rs 2000 from mr x.actually i am confused that in the first entry both discount a/c and mr x a/c will be credited as per the accounting standards.please help experts.thanks
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