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
- 16376 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
what is the limit of cash payment in a manufacturing firm and job work related work and how much we paid to the job worker cash payment in financial year Aslam
Explain have you ever prepared mis reports and what are these?
What is fair value accounting?
How calculate holding company account?
Tell us do you have any idea about service tax or excise?
my question is I am finance student I want to know which type of the question are asked by the interwier in interview.
what is the accounting treatment in tally of free goods received with goods purchased.
What is fiduciary accounting?
What is mean by working capital?
i got a case study in which theie is a chemical company group which has 12 companies in all, few in Europe and few in USA, my question is should i have only 2 COA as per the standard like US GAAP and IFRS or should i have COA based on country location.
WHY U HAVE CHOOSE ICWA WHY NOT CA
As you know executive accounting?
A company primarily operating from own land, takes on rent building for staff quarters. Whether rent paid on such staff quarters qualifies as capital investment?
How did you chose your university?
rate of vat on gold purchase local & o.m.s. & rate of % in sale local & o.m.s.
