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Sale of Rs.10000, where in 50% is on credit and there 10%
discount on the immediete payment. Pass a journal entry for
this
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Answer Posted / dhananjayan
Cash A/c Dr. 4,500
Discount allowed A/c Dr. 500
Debtor A/c Dr. 5,000
To Sales A/c 10,000
(Being sales with 50% credit allowing 10% discount on
immediate payment)
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ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10
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