Question

11B. Journalise the following transactions :
1. Sold goods 12,000 to Thakur & Co., issued at 20% above cost less 10% discount.
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Answer 1

Step-by-step explanation:

profit = 20% of 12000 = 2400

total sale price = 14400

discount allowed = 10% of 14400 = 1440

entry

Thakur and co. Dr 12960

Discount allowed Dr. 1440

To Sales 14400

( being goods sold of 12000 at profit 20% with 10% discount )

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