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Mr Johnson sold goods to Mohan …

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Mr Johnson sold goods to Mohan (within the state ) rupees 200000 trade discount 10% and cash discount is 5% on prompt payment . Mohan paid the 50% amount at the time of sales. GST is levied @12% . give journal entry

Posted by Pooja Rani 1 year, 8 months ago

CBSE > Class 11 > Accountancy

1 answers

Harsh Sodani 1 year, 8 months ago

Account debit 100000 Discount account debit 1000 Mohan account debit 100000 To sales 2000000 GST will be lavid 12000 sgst and 12000 cgst as Mohan paid 50% of the amount only so he is still data of Mr Johnson for the rest of amount that's why Mohan is debited with 100000 and trade discount is not to be shown in journal entry that so I Mohan is debited with 10000 only

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