1.

Oswal woollen Mills, Amritsar (punjab) sold shawls to Gupta shawls, Jaipur as per details: sold 100 [email protected] 200 per shawl on 4th January 2018, IGST is [email protected]%. Trade discount 25% and cash discount 5 person if full payment is made within 14 days. Gupta shawls sent fifty percent of the payment on 14th January 2018 and balance payment on 10th February 2018.. Pass journal entries.

Answer»

GUPTA a/c Dr.     16800

  To Sales a/c                15000

  To IGST PAYABLE a/c    1800

 

Cash a/c  Dr.    8400

 To Gupta a/c           8400


Cash a/c Dr.     8400

 To Gupta a/c           8400


Note: Cash discount won't apply as full  payment is after 14 days



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