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
- 16307 Views
- Genpact, I also Faced
- E-Mail Answers
Answer Posted / gangadhar
Purchase A/c Dr. 200000
Supplier A/c Dr. 20000
to cash A/c 100000
to bank A/c 100000
to discount received A/c 20000
| Is This Answer Correct ? | 2 Yes | 2 No |
Post New Answer View All Answers
Case Study: Deepak Hand tools Private Limited DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?
When a company s accounting year-ends on a day that is other than the end of the calendar year what is called in accounting?
Is there Disqualification of Auditor u/s 139 of Companies Act 2013 if the auditor is indebted towards the company to be appointed as an auditor, if amount exceeds more than Rs.1000 as against the provision related to Companies Act, 1956 ?
How to pass VAT retention entry on computer and Furniture
In 3 way match.....Order qty is 100 and received 90 and 10 got rejected. But the supplier sent an invoice for 100 qty. what are the steps we need to take in SAP. Whether we need to reject the invoice or process with the 90 qty .please explain with real time.
What information is included in a bill for services?
You are using the accounts approach to parallel valuation and classic assets accounting. You need to create a new financial statement version to valuation based of IFRS principles. In asset accounting, what posting options can you choose for the new depreciation area? (any 2 answer) Area post in real time Area posts APC directly and depreciation periodically Area posts APC only directly Area posts APC and depreciation periodically
i have pay to 250000 excise duty so i ask to all how can maintain entry in tally ?
while raising credit note for price difference,is it mandatory to charge excise duty 12.36% and vat 14.5% on local supplies
I post Optional Voucher in Tally.ERP in which there is deduction of TDS is applied. But when I convert this voucher as regular voucher the TDS entry have to make again why so
if my salary is 12000 per month how much i will get after deducting PF an ESI
Dear sir/madam, Want to know entry for closing of sundry creditors account on the end of the year when its accounts shows debit balance, Payment made excess. E.g Invoice rcvd : 100000.00 from XYZ company payment Made: 105000.00 Please suggest best entry for the same
saji become insolvant -what is journal entry
I WRITE GROUP-4 EXAMINATION.I STADIYING INTERMEDET HOW MANY PARSANTEGE OF GROUP-4 EXAMINETIN
Hello Sir, My Name is Shoaib, I am Novice in Accounting Field. I want to learn the simple & step by step, procedure to final my company account. Please Help
