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 ?
Answer Posted / h.r. sreepada bhagi
Since Rs. 20000/- trade discount is given and payment made
to the supplier is Rs. 2 Lac. (Cash 1Lac.+Cheque 1Lac.)
From this we can imply that the original value of the goods
was Rs. 2.20 Lac., & has been supplied for Rs. 2 Lac. after
trade discount of Rs. 20000/-.
Trade discount need not be accounted separately. (Only cCash
discount received/given needs to be accounted separately as
income/expense, as the case may be.
In this case On Purchase, debit Purchases A/c with Rs. 2
Lac., & Credit the Supplier.
On payment, debit the supplier with Rs. 2 Lacs. & Credit
Cash & Bank A/cs with Rs. 1 Lac., each.
Is This Answer Correct ? | 23 Yes | 1 No |
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Please answer me for the followings 1. i taken an office on January @ rent 28000.00 for one year and i paid 14000.00 as first payment balance will be paid on august. in tally how we post this and under which account especially balance 14000.0 under which account. 2.i have taken a loan from mr. A the amount is 100000.00 on January and the interest i need to pay on march 21000.00 the interest which iam going to pay is liability not a expense and it will be a expense in future, how we can post this also in tally and under which account. please somebody guide me who knows regards niyas es
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