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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 ?
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Answer Posted / 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 |
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