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purchased a laptop for Rs.50000 and received one calculator
costing Rs.1000 for free. Both laptop and calculator
(stationery in nature) are meant for office use.What will
be the journal entry in the books of both the parties?
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Answer Posted / ramakram
For Buyer
Laptop (Fixed asset) Dr 50000
Office Stationery Dr 1000
To Discount received Cr 1000
To Bank / Cash 50000
(Laptop even though used for office use it should be booked
to Fixed asset)If iam wrong correct me.
for Seller
Cash / bank 50000
To Sales (Laptop) 49000
To Sales Discount allowed 1000 (free calculator)
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