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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 ?

Question Posted / sitaram

Answers were Sorted based on User's Feedback



On goods purchases of Rs.2,00,000 got trade discount of 20,000 from supplier, and the amounts paid..

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

On goods purchases of Rs.2,00,000 got trade discount of 20,000 from supplier, and the amounts paid..

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

On goods purchases of Rs.2,00,000 got trade discount of 20,000 from supplier, and the amounts paid..

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

On goods purchases of Rs.2,00,000 got trade discount of 20,000 from supplier, and the amounts paid..

Answer / ravi

purchase a/c dr 200,000
supplier a/c dr 20,000

To cash a/c cr 100,000
To bank a/c cr 100,000
To Discount a/c cr 20,000

Is This Answer Correct ?    2 Yes 6 No

On goods purchases of Rs.2,00,000 got trade discount of 20,000 from supplier, and the amounts paid..

Answer / omprakash

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

On goods purchases of Rs.2,00,000 got trade discount of 20,000 from supplier, and the amounts paid..

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

On goods purchases of Rs.2,00,000 got trade discount of 20,000 from supplier, and the amounts paid..

Answer / ajay paliwal

Purchase a/c dr 180000
to cash a/c 80000
to bank a/c 100000

Is This Answer Correct ?    4 Yes 13 No

On goods purchases of Rs.2,00,000 got trade discount of 20,000 from supplier, and the amounts paid..

Answer / ramkumar

Cash a/c Dr 80000
Bank A/c DR 100000
Discount 20000

To Sales 200000

Is This Answer Correct ?    9 Yes 33 No

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