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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 / sonu choudhary
whenever credit sales took place debtor should be debited
instead of goods.also in case of cash sale if discount is
allowed, it should be debited becoz it is an expense for
seller.hence entry will be:
Debtors A/c........ Dr. 5000;(Personal A/c- Dr. receiver)
cash A/c........... Dr. 4500;(Real A/c-Dr. what comes in)
Discount Allowed A/c Dr. 500;(Nominal A/c-Dr. Expenses)
To sales A/c 10000;(Nominal A/c-Cr. Revenue)
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1. The following data is available. Determine the Break Even point in Sales: Sales : $1,800,000/- Fixed Expenses : $ 375,000/- Variable Expenses : $ 1,200,000/-
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