Interested to Buy Any Domain ? << Click Here >> for more details...
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 ?
- 18 Answers
- 20314 Views
- Genpact, I also Faced
- E-Mail Answers
Answer Posted / govardhan prasad.g.
Purchases A/c DR 2,00,000
TO CASH A/C 1,00,000
TO BANK A/C 1,00,000
For this transaction we are considering trade disc of
20,000 from suppliers,bec trade disc is not enteried in
Trading and P&L account.(i.e., total value of goods is
2,20,000 in that trade disc is 20,000 given by supplier and
remaining 2,00,000 given by the purchaser.)
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
Explain what is bank reconciliation?
What do we mean by purchase return in accounting?
Tell me why did you select accounting as your profession?
all ques. related to accounts?
What does it mean to do accounting training outside of public practice?
Do you know offset accounting?
what is the difference between cash book(cash coloumn) and cash book(bank coloumn)?
What is executive accounting?
How is the accounting for lease transactions done?
What is the important of computerized accounting to manual?
what is capital reserve
how to caluclate tds from emloyees and others
on the basis accounting,acounting is divided in to how many classes and what are they?
how will decide that vender payment is ok without reco
How time sheets are maintained?
