Journalise the following transactions:Sold goods to Anand for Rs.2,000 at a trade discount of 10%.
Question
Journalise the following transactions:
Sold goods to Anand for Rs.2,000 at a trade discount of 10%.
Solution
Step 1: Calculate the amount after discount The trade discount is 10% of Rs. 2,000, which is Rs. 200. So, the amount after discount is Rs. 2,000 - Rs. 200 = Rs. 1,800.
Step 2: Journalise the transaction The journal entry would be:
Date: (The date of the transaction) Particulars: Anand Dr. Rs. 1,800 To Sales Account Rs. 1,800
(Narration: Being goods sold to Anand at a trade discount of 10%)
This entry is made because Anand is the debtor who has to pay us (hence debited) and Sales is credited because it increases the sales of the business.
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