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goods sold to mr x of rs5000/-,out of that we give him
discount allowed of rs 500/-,and we take setting charges of
rs1000/-.so what will be the entry?

Answers were Sorted based on User's Feedback



goods sold to mr x of rs5000/-,out of that we give him discount allowed of rs 500/-,and we take se..

Answer / satish(sasa)

cash a/c-------------------Dr, 5500
discount allowed a/c-------Dr, 500
To,sales a/c 5000
To,setting charges a/c. 1000

Is This Answer Correct ?    7 Yes 1 No

goods sold to mr x of rs5000/-,out of that we give him discount allowed of rs 500/-,and we take se..

Answer / pradip

party A/C ...... Dr 5500
Discount A/C ..... Dr 500
to sales A/C 5000
to Setting charges 1000

Is This Answer Correct ?    3 Yes 0 No

goods sold to mr x of rs5000/-,out of that we give him discount allowed of rs 500/-,and we take se..

Answer / deepak thukral

Party a/c Dr (5000+1000) 6000
Discount a/c Dr 500

to sales a/c 5500
to setting charges 1000

Is This Answer Correct ?    1 Yes 0 No

goods sold to mr x of rs5000/-,out of that we give him discount allowed of rs 500/-,and we take se..

Answer / jai

balance sheet
--------------
mr. x ledger
-------------
cash 5000.oo
discount 500.00
-------------------------------------------
dr. 4500.00
setting charges 1000.00
-------------------------------------------
clossing bal. 5500.00

Is This Answer Correct ?    0 Yes 0 No

goods sold to mr x of rs5000/-,out of that we give him discount allowed of rs 500/-,and we take se..

Answer / tarun gupta

it depend of the product we can include the 1000 in goods value as well. so the entry is
Mr. X dr. 5500/-
Discount allowed Dr. 500/-
To sales account 6000/-

Is This Answer Correct ?    0 Yes 0 No

goods sold to mr x of rs5000/-,out of that we give him discount allowed of rs 500/-,and we take se..

Answer / sunita

Sales A/c 5000
To discount 500
To Party A/c 4500

setting charges dr 1000
party a/c 1000

Is This Answer Correct ?    1 Yes 5 No

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