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Goods of the catalogue price of ₹8000 sold at a trade discount of 10% to samuel journal entries?
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Goods of the catalogue price of ₹8000 sold at a trade discount of 10% ...



Journal Entries for Sale of Goods at a Trade Discount

Given information: Goods of the catalogue price of ₹8000 sold at a trade discount of 10% to Samuel.

1. Journal Entry for Sales

  • Debit: Samuel's Account - ₹7200
  • Credit: Sales Account - ₹7200


The above entry records the sale of goods to Samuel at the discounted price of ₹7200 after applying a 10% trade discount.

2. Journal Entry for Trade Discount Allowed

  • Debit: Discount Allowed Account - ₹800
  • Credit: Samuel's Account - ₹800


This entry reflects the trade discount of ₹800 provided to Samuel on the sale of goods.

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Goods of the catalogue price of ₹8000 sold at a trade discount of 10% to samuel journal entries?
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