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i have purchase goods for Rs.100 and company say you sell
this goods for Rs. 80 and raised a debit note for diffrence
amount and he fix 5 % commision on sales value what is
journal entry passed in tell with narration?
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Answer Posted / dhananjayan
Purchase A/c Dr. 100
To Supplier A/c 100
Being purchase of goods)
Cash A/c Dr. 80
To Sales A/c 80
Being sale of goods)
Supplier A/c Dr. 20
To Purchase A/c 20
Being debit note raised for rate difference)
Commission on sales A/c Dr. 4
To Commission Payable A/c 4
Being 5% commission payable on sales)
Commission Payable A/c Dr. 4
To Bank A/c 4
Being commission paid on sales)
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