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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.
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Answer Posted / pranjal
CASH DISCOUNT IS NEVER SHOWN IN THE JOURNAL ENTRY BUT TRADE
DISCOUNT IS SHOWN IN THE JOURNAL ENTRY.
(A)5% TRADE DISCOUNT
PURCHASE A/C DR. 9500
DISCOUNT RECEIVED DR. 500
TO CASH A/C CR.10,000
(BEING GOODS PURCHASE WITH TRADE DISCOUNT)
(B) 5% CASH DISCOUNT
PURCHASE A/C DR. 9500
TO CASH A/C CR.9500
(BEING GOODS PURCHASED)
| Is This Answer Correct ? | 59 Yes | 157 No |
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