Question

0.6. Pass Journal Entries for the following transactions
Jan 6 Sold goods to Muskan of the list price of 2,00,000 at trade discount of 20%
Jan 8 Muskan returned goods of the list price of 5,000
15 Received from Muskan the full payment under a cash discount of 4%
Ans. Total *3.20,000; Cash Discount 70,240.1​

Answer 1

Explanation:

jan 6. muskan a/c. Dr. 160000

To sale a/c. 160000

( being goods sold on 20% trade.

discount )

jan 8. sales return a/c. D.r. 4000

To muskan a/c. 40000

(being goods return by muskan )

jan 15. cash a/c. D.r. 152880

To muskan a/c. 152880

(being payment received from muskan )

Total. 316880.