Interested to Buy Any Domain ? << Click Here >> for more details...
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 ?
- 18 Answers
- 20884 Views
- Genpact, I also Faced
- E-Mail Answers
Answer Posted / murli vohra
People Giving the answer above are forgetting one thing that Trade Discount is not to be shown in book of accounts
Entry will be
Purchase Dr-180000
Supplier -Dr20000(bal figure)
To cash 100000
To Bank 100000
| Is This Answer Correct ? | 4 Yes | 3 No |
Post New Answer View All Answers
When we are doing the reconciliation process in cash management please tell me what are the different status will happen and when will it happen. Please help me out.
What is the difference between provision and reverse?
Under what type of account do the unearned revenues fall?
can we adjust margin money paid to bank to open a Bank Guarantee in stock statement while calculating Drawing Power
The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
Mention the types of accounts involved in double entry book-keeping?
suppose we received goods from H.O.The sisterconcern received it.wat will be the entries if tge S.C.sells it from here.
What are assets minus liabilities?
What do u mean by press releases
The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
what is debit balance report in SAP?. how do you describe DB report in brief.
under which accounting rule prepaid salary?
How Can We Justify the,Real A/C & Nominal A/C?
What does the word credit mean in terms of accounting?
There are two Business areas 1100 and 1200. I need to pick 1200 b.areaonly While enter the transaction? could any one please post the answer for this.
