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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 ?
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Answer Posted / govardhan prasad.g.
Purchases A/c DR 2,00,000
TO CASH A/C 1,00,000
TO BANK A/C 1,00,000
For this transaction we are considering trade disc of
20,000 from suppliers,bec trade disc is not enteried in
Trading and P&L account.(i.e., total value of goods is
2,20,000 in that trade disc is 20,000 given by supplier and
remaining 2,00,000 given by the purchaser.)
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