Goods worth Rs 3000 were purchased on which the trader allowed Rs 200 as trade discount and 5% as cash discount if paid immediately. Purchase a/c will be debited by _____.

Rs 3000

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Rs 2800

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Rs 2750

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Rs 2660

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Solution

The correct option is B Rs 2800
Discount are categorized as trade discount and cash discount. If any discount is allowed by the trader without any condition, its a general or trade discount. In such situation, purchases will be recorded in the books of account on the net price paid. In given situation purchase account will be debited by Rs.2800/-

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Similar questions

Q. Goods worth Rs.

10, 000

were purchased by B on which the traders allowed Rs.

500

trade discount and offer to give

5 %

cash discount if immediate payment is made. The Purchase A/c will be debited by _________.

Enter the following transactions of M/s Ketan in Purchase Book, Sales Book, Purchase Returns Book and Sales Returns Book.

2011 March
1	Sold goods to Sudha Stores Rs 29,000 at 10% trade discount.
3	Purchased goods from Meghdoot Traders Rs 37,350 and paid carriage Rs 150.
6	Sudha Stores returned goods of Rs 3,220 (Net).
10	Cash purchases Rs 18,600 and Cash Sales Rs 61,000.
13	Jayesh invoiced goods to us as per our order placed on 28th Feb. 2011 Rs 27,000.
17	Sold goods worth Rs 33,400 to Nandini at 10% trade discount.
20	Returned goods to Jayesh Rs 2,850 as they were defective.
22	Credit purchases from Micky Traders Rs 19,450 and they allowed a trade discount of Rs 150.
23	Nandini returned goods of Rs 1,900 (Gross) as they were damaged.
26	Purchased office furniture on credit from Suhani Furniture Mart Rs 55,000.
29	Purchased goods from Garima Stores for Rs 8,000 and sold the same to Anita at 25% profit on cost.
31	Sent a debit note to Micky Traders for Rs 3,200

Journalise the following transactions in the books of Mantri.

2011 June	1	Commenced business with Cash Rs 1,20,000, Goods Rs. 60,000 and Furniture Rs 65,000.
	3	Opened a current account in Bank of Baroda by depositing Rs 75,000.
	5	Cash purchases Rs 35,000.
	9	Cash Sales Rs 55,000.
	10	Purchased goods worth Rs 20,000 from Amit & Co. subject trade discount of 2%
	14	Credit sales to Kalpana Rs 15,000.
	16	Paid cash to Amit & Co. Rs 9,500 who allowed us discount Rs 100.
	19	Goods distributed as free samples of Rs 1,500.
	21	Received Cash from Kalpana Rs 4,800 on account and allowed her cash discount Rs 200.
	24	Returned goods of Rs 750 to Amit & Co.
	26	Purchased shares of Rs 15,000 of HDFC Bank.
	29	Received goods returned by Kalpana Rs 200.
	30	Rent paid by cheque Rs 7,000.

Vishal purchased from Karan Sports Ltd. 200 balls @ Rs. 50 each on which he is given a 20% trade discount. He is further given a 2% cash discount as he made payment for the purchases immediately. Determine the amount that Vishal will debit to the purchase account?

Journalise the following transactions in the books of Nana.

Debit balances on 1st April 2012:-

Cash in hand Rs 5,000; Cash at Bank Rs 95,000' Land & Building Rs 2,10,000; Furniture Rs 15,000; Debtors Rs 10,000.

Credit Balances on April 1, 2012:- Creditors Rs 10,000; Bank Loan Rs 28,000.

Transactions during the month of April 2012:-

2012 April	1	Purchased goods worth Rs 30,000 for cash less Trade Discount.
	3	Sold goods to Meena Rs 25,000.
	7	Purchased goods from Seema worth Rs 12,000.
	9	Goods costing Rs 1,100 distributed as free samples.
	12	Received an amount of Rs 1,500 from Vikram which was previously written off as bad.
	14	Purchased goods from Bhushan Rs 30,000 at 10% Trade Discount and paid him 1/3^rd amount in cash after getting 5% cash discount.
	20	Received cash gift Rs 10,000 from Father-in-law with which purchased shares of Infosis Co.
	24	Payment of Bank loan with interest Rs 6,000 [Interest amount Rs 1,500]
	28	Sold goods to Anil Rs 50,000 at 10% trade discount and received half the amount in cash, 5% cash discount allowed.
	29	Paid for Advertisement Rs 5,000.
	30	Withdrew cash Bank for personal purpose Rs 2,000.

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