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Goods sold to Roma for rs …

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Goods sold to Roma for rs 5000 at 20% trade discount and 3% cash discount. Half of the payment was recieved immediately

    • Posted by Vinita Jagnani 3 years, 11 months ago

    CBSE > Class 11 > Accountancy
    • 2 answers

    K Cricket 3 years, 9 months ago

    cash A/c Dr. 1940 discount A/c Dr. 60 To sales A/c 4000 (being goods sold to Roma)

    0Thank You

    Gaurav Seth 3 years, 11 months ago

    Cash A/c Dr. 1940

    Cash discount A/c Dr. 60

    Roma's A/c Dr. 2000

    To sales A/c 4000

    ( being goods sold to Roma )

    Explanation:

     

    Trade discount = 20% of 5000 = 1000

     

    Trade discount is not recorded in the books of accounts.

    Cash discount is only allowed on the amount which is being paid in cash at the time of transition.

    Cash discount = 3 % of 2000 = 60

    0Thank You

    ANSWER
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