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Goods costing Rs.30000 supplied to Mohan …

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Goods costing Rs.30000 supplied to Mohan at a profit of 25% of sales price less Trade discount @5%. Pass necessary journal entry.

Posted by Harmeet Singh 3 years, 3 months ago

CBSE > Class 11 > Accountancy

2 answers

Vansh Mittal 3 years, 3 months ago

Cost Price - 30,000 Let Sale price- X Profit of sale price: 30,000 = X - X×25/100 X = 40,000 Sale Price - 40,000 But we provide trade discount on sale price : 40,000 - (40,000×5/100) = 38,000 Journal Entry Mohan A/c Dr. 38,000 To Sales A/c 30,000 To Profit A/c 8,000

Kashi Mishra 3 years, 3 months ago

Good question

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