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 ?
Answers were Sorted based on User's Feedback
Answer / jitender gupta
No entry.
The question is not completly and proper.because if
purchase from supplier of Rs.2lakh then he is providing
trade discount of Rs.20000 then we purchased from supplier
only amount of Rs.180000.That why the entry will be not.
Is This Answer Correct ? | 0 Yes | 1 No |
Answer / vijendra
the entry is.............
Purchese a/c Dr 200000
to Cash a/c 80000
to bank a/c 100000
to Discount recived a/c 20000
Is This Answer Correct ? | 0 Yes | 2 No |
Answer / mukesh prasad
purchase A/c Dr 180000
Loss on Purchase A/c Dr 20000
To Cash A/c 100000
To bank A/c 100000
Is This Answer Correct ? | 0 Yes | 3 No |
To all gys that trade Discount not shown is books only cash
discount is showed in the books
The entry will
Purchase A/c 180000/-
To Supplier 180000/-
( at the time of Purchase )
Supplier 200000
TO cash 100000
To Bank 100000
( at the of payment )
Now your creditors has become your Debtors having on account
balance of Rs 20000/-
Is This Answer Correct ? | 1 Yes | 6 No |
Answer / saurabh
Purchase a/c dr. 200000
Suppliers a/c dr. 20000
to cash 100000
to bank a/c 100000
to discount a/c 20000
Is This Answer Correct ? | 5 Yes | 11 No |
Purchase a/c dr 180000
to cash a/c 80000
to bank a/c 100000
Is This Answer Correct ? | 4 Yes | 13 No |
What did you meant by Debit and Credit?
What is Debit Note and Credit Note? Subsidory Books? Minority Interest? Stock recording in P&L? Outstanding Expenses, Prepaid Expenses and Examples?
what is deferred income & deferred revenue expenses
When we purchase Some goods Like ( Machinery's) we want to generate way bill ? Kindly Clarify .... Because recently we are purchased medical Equipment for our hospital use but vendor asking Waybill...Shall i give waybill or not Please let me know..?
what is the entry of tds
What entry to be passed for Duty draw back as receivable
How time sheets are maintained?
What is the journal entry for Prepaid expenses?
Explain how the following transactions would be recorded in a cash book with Cash and Bank columns? i) Deposit of cash into Bank ii) Withdrawal of money from Bank for office use iii) Deposit of cheques (received from others) into Bank iv) Dishonour of cheques deposited into Bank I need a detailed answer..thanks..
3 Answers ABC, Aroma, College School Exams Tests, IDA, Ignou,
I have received 75000 as retainer ship fees from ABC company what was the journal entry I have to pass in my books
who is payee?
what is the difference between debtors & bills recievable?