(Journal Entries Involving Cash Discount). Pass the Journal entries for the following transactions:
Channel: Doubtnut
Date: 2020-03-29

(Journal Entries Involving Cash Discount). Pass the Journal entries for the following transactions: (i) Purchased goods from Sanjiv of Rs. 40,000 plus IGST @`18%` at `10%` Trade Discount and `2.5%` Cash Discount. Paid amount at the time of purches itself. (ii) Purchased goods from Vijay of Rs. 40,000 plus IGST @`18%` at `10%` Trade Discount and `3%` Cash Discount. Half of the amount paid at the time of purchase. (iii) Sold goods to Anil for Rs. 20,000 plus CGST and SGST @`9%` each, allowed him `10%` Trade Discount and `3%` Cash Discount. Received half of the amount by cash and balance half by cheque immediately. (iv) Sold goods to Ajay for Rs. 50,000 plus CGST and SGST @`9%` each allowing `10%` Trade Discount and `2%` Cash Discount. Half of the amount received by cheque immediately. (v) Sold goods costing Rs. 40,000 to Anil against a currect dated cheque at a profit of `25%` on cost less `20%` trade discount plus IGST @`18%`. Cash discount is allowed @`2%`.