Accountancy, asked by basantchaudhary120, 1 year ago

1) Sold goods to Kamal Rs. 15,000 on credit and paid carriage behalf of Kamal Rs. 2,000.
2) Goods returned by Kamal Rs. 2,000.
3) Kamal settled his account and allowed him 10% discount.
Required: Journal entries

Answers

Answered by Sunitatripathy
12
cash discounted ₹200
Answered by Sanav1106
2

Kamal A/c                                              ----dr                 17,000

                To Sales A/c                                                               15,000

                To Carriage A/c                                                            2,000

(being goods sold to Kamal on credit and carriage paid on his behalf.)

Sales Return A/c                                   ----dr                  2,000

                To Kamal A/c                                                               2,000

(being goods returned by Kamal for Rs. 2,000.)

Cash A/c                                               ----dr                 13,500  

Discount Allowed A/c                          ----dr                   1,500

                To Kamal A/c                                                                15,000

(being payment received by Kamal after allowing a discount of 10 percent.)

GIVEN: Transactions made with Kamal dealing with sales of goods.
TO FIND Journal Entries of the given transaction.
SOLUTION:

We are given in the question,

The transactions are given by a business firm concerning with debtor called Kamal. To whom goods were sold on credit, the carriage expenses were paid on his behalf.

Then, after a few days goods were returned costing Rs. 2,000.

And when the payment was made a trade discount was allowed of ten percent.

Therefore,

Total amount due :

Cost of goods sold                                                          15,000

Add: Carriage expenses paid                                         2,000

Less: Cost of goods returned                                         2,000                          

Total amount due                                                            15,000

Therefore,

The journal entry for the given transactions will be passed as:

Kamal A/c                                              ----dr                 17,000

                To Sales A/c                                                               15,000

                To Carriage A/c                                                            2,000

(being goods sold to Kamal on credit and carriage paid on his behalf.)

Sales Return A/c                                   ----dr                  2,000

                To Kamal A/c                                                               2,000

(being goods returned by Kamal for Rs. 2,000.)

Cash A/c                                               ----dr                 13,500  

Discount Allowed A/c                          ----dr                   1,500

                To Kamal A/c                                                                15,000

(being payment received by Kamal after allowing a discount of 10 percent.)

#SPJ2

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