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Question

Pass Journal entry for purchase of goods by Amrit, Delhi from Ayur Products, Agra, (UP) for ₹ 25,000 less Trade Discount @ 15% plus IGST @ 12%.

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Solution

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

Purchases A/c
Dr.

21,250

Input IGST A/c
Dr.

2,550

To Ayur Products A/c

23,800

(Goods purchased on credit)

Working Notes:

List Price
25,000

Less: Trade Discount @ 15%
3,750

Value of Goods
21,250

Add: IGST @ 12%
2,550

Amount Payable
23,800

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