Purchased furniture of rs 10000 and received cash discount of 10% What will be the journal entry?

Question

Answer

Furniture a/c Dr.  10000     To cash a/c. cr.  9000.       To discount received. a/c cr. 1000

Answer

Furniture a/c dr     10000        to cash a/c.             9000        to dis. rec. a/c.        1000

Answer

Furniture A/c - dr 10000
To cash A/c 9000
To dis. Recieve A/c 1000
( being goods are purchased in cash with discount of 10 % )

Answer

Journal Entry for Purchase of Furniture with Cash Discount

Introduction:
When a company purchases any asset, it needs to record the transaction in the books of accounts. In this case, the company has purchased furniture worth Rs. 10,000 and received a cash discount of 10%.

Journal Entry:
The journal entry for the purchase of furniture with cash discount will be as follows:

Furniture A/c Dr. 9,000
To Cash A/c 9,000

The above journal entry shows that the company has debited Furniture account with Rs. 9,000 and credited Cash account with the same amount. The difference of Rs. 1,000 is the discount received by the company on the purchase of furniture.

Explanation:
The purchase of furniture is a debit transaction as the company has acquired an asset. Therefore, the Furniture account is debited with the purchase amount of Rs. 10,000. As the company has received a cash discount of 10%, the purchase amount will be reduced by Rs. 1,000. The Cash account is credited with the reduced amount of Rs. 9,000.

Conclusion:
The journal entry for the purchase of furniture with cash discount is a simple accounting transaction that records the purchase of an asset and the discount received by the company. It is important for companies to record all transactions accurately in their books of accounts to maintain proper financial records.

Answer

Furniture account.         Dr.   10,000  To cash.                                   9,000   To discount rec.                    1,000 (we do entry for cash discount but not for trade account)

Answer

Furniture a/c dr. 10000
To cash a/c 9000
To dis. recvd. a/c 1000
(being furniture purchased from cash and received 10% cash discount)

Answer

Furniture A/c Dr. 10000 To Cash A/c 9000 To Discount Received A/c 1000[Being Furniture Purchased And Discount Of Cash Received]

Answer

Furniture a/c dr (10000)
To cash a/c (9000)
to discount receivrd a/c (1000)
(Being purchase furniture and recieve cash discount)

Answer

Furniture a/c Dr. 10000
To cash a/c 9000
To discount received a/c. 1000

Answer

Furniture A/cDr. 10000
To cash .9000
To Discount receive1000

Answer

Dr. Cr.

date Furniture A/c Dr. 10000

to Cash A/c 9000

Discount received A/c 1000

Answer

Furniture a/c. Dr..10000
To cash a/c. 9000
To discount received a/c. 1000

Answer

Furniture A/c Dr. 9000
Cash dis.A/c. Dr. 1000
To cash A/c. 10000

Answer

Furniture a/c -dr 10000
To cash a/c - 9000
discount --1000
(Being furniture purchased cash and give 10% discount)

Answer

Furniture a/c --- dr. 10,000
To discount received a/c 1,000
To cash a/ c 9,000
( being the furniture was purchased with discount received) .

Answer

Furiture A/C Dr ₹10000
To DiscountA/C₹1000
To casjA/c₹9000
(purchase Furniture with Discount)

Similar Commerce Doubts

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Pass journal entry for transaction- Sold goods to Vikas for cash(300000) allowed him 10%discount: 270000 Purchased goods from Gagan for cash(200000) received 5% discount: 190000?

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