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 ?
Answer Posted / 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 |
Post New Answer View All Answers
what is the limit of cash payment in a manufacturing firm and job work related work and how much we paid to the job worker cash payment in financial year Aslam
i need clarification about tds will be calculate before deductions or after deductions on gross salary+incentive
What is batch input? why we use batch input session in SAP(FICO)?
describe any accounting process that you have developed or revised
What are mis reports and do you prepare it?
Any body would tell me how to takeover withholding tax at the time of go live in sap fico
Were i have to enter for agreements in tally and in which ledger it will come
your company by machinary for Rs 3000000/-, what will be the maximum term lean avaible form bank?
One car company raised an invoice of 30k to its customer, which includes car's price and one year service price of 1600 (cost). They work on 25% margin. How much amount will go to Income statement and B/S?
Why are accounting standards necessary?
What is the difference between cfa and csa?
Why is it necessary to prepare Asset Disposal Account?
My company was granted a bank facility of 750,000 for guarantee, performance bond, advance payment, retention guarantee and 100,000 bank overdraft. These facility amount was never added to the company account. a. What is the entry? b. Lien over fixed deposit for 50,000 to be brought upfront c. Lien over gradual buildup for fixed deposit 50,000 by transferring 10,000 monthly from customer's account to separate call account. d. After a month, we had an overdraft of 22,000. What will be my entry? e. After 3 months, we have a construction project and was asked for advance payment of 24,000 with a 25% margin? f. Another company asked for performance bond of 44,200 with 25% margin.
Fundamental accounting assumptions are (a) Materiality. (b) Business entity. (c) Going concern. (d) Dual aspect
Explain me do you think accounting standards are mandatory and why?