Question

11. Journalise the following transactions in the books of Modi :
2016
Jan. 1
Modi started business with = 2,00,000, of which he borrowed = 50,000 from a bank.
Jan. 5
Purchased goods worth = 30,000 at a trade discount of 5%.
Jan. 6
Purchased goods worth = 40,000 at a cash discount of 6%.
Jan. 7 Sold goods worth 35,000 to Hooda at a trade discount of 2%.
Jan. 8 Sold goods worth 25,000 to Nitish at a cash discount of 4%, cheque was received
on the spot.
Jan. 12 Goods of the selling price of 20,000 were sold at a trade discount of 5% and cash
discount 2%, payment received by cheque.​

Answer 1

Answer:

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