what is the difference between cash discount and trade
discount.
what is the journal entry for purchase of 100000 giving
(a) 5% trade discount
(b) 5% cash discount.
State with reason which account should be debited and which
account should be credited in each of the following
transactions:
1. Raj commenced business with cash Rs. 5000
2. Bought goods from Kiran for cash Rs. 1000
3. Sold furniture to Ravi on credit Rs. 500
4. Sold goods for cash Rs. 800
5. cash purchases Rs. 600
6. Bought Stamps Rs. 10
7. Withdrew cash from the business for personal use Rs. 1000
8. Paid salary to manager Rs. 500
9. Paid rent to landlord Rs. 200
10. Received commission from Mani Rs. 50
11. Paid for repairing machinery Rs. 30
12. Received cash form Ravi on account Rs. 400
13. Gave loan to Babu Rs. 500
14. Purchased goods from Sachin Rs. 400
15. Opened a bank account with Rs. 1000
16. Charged Mohan Rs. 50 commission for service rendered to him
17. Santosh paid the interest on loan advanced to him
18. Received loan from Manju Rs.10000
19. Office furniture stolen Rs. 500
20. Paid income tax Rs. 5000
21. Paid life insurance premium Rs. 300
22. Allowed discount to Babu Rs. 90
23. Discount received from Santosh Rs. 150
24. Amount charged by bank as bank charges Rs. 30
25. Railway fright paid on machinery purchased Rs. 100
State which of the following are Cash transactions, and
which are credit transactions:
Questions Answers
1. Anil commenced business with Rs.10,000
2. Bought goods for cash Rs. 2000
3. Bought goods from Balaji on account Rs. 4000
4. Paid Balaji on account Rs. 500
5. Commission received Rs. 50
6. Commission due to Raj Rs. 100
7. Took Loan from Bank Rs. 20,000
8. Interest on loan due to the bank Rs. 200
9. Paid salaries Rs. 200
10. Sold goods for Rs. 1000
11. Sold goods to Eshwar on account Rs. 2000
12. Received from Eshwar on account Rs. 100
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