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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 / sreejith as
At The time of purchase (@5% Trade Discount)
Purchase A/c.... Dr 9500
To Sundry Creditors A/c 9500
At The Time Of Payment Before Due (@5% Cash Discount).
Sundry Creditors A/c Dr. 9500
To Discount Received A/c 475
To Cash 9025
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