Question

1. Purchased goods of list price Rs. 40000 at 10% trade discount from viabhav.
2. Goods od list price Rs. 1000 was returned to Vaibhav
3. Settled the account of Vaibhav paying Rs. 34000 in full settlement.

Answer 1

Thanks for asking.

Answer :

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Journal Entries

1] Purchase Ac Dr.....36000/-

To, Vaibhav Ac Cr...36000/-

( Being Goods purchased on credit )

2] Purchase Return Ac Dr...1000/-

To, Vaibhav Ac Cr....1000/-

( Being purchased goods returned )

3] Vaibhav Ac Dr....34000/-

Cash Discount Ac Dr...1000/-

To, Cash Ac Cr....35000/-

( Being Account settled and cash discount received )

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