Question

17. Journalise the following entries: (1) Goods costing 500 given as charity. (ii) Sold goods to Mayank of 3 1,00,000, payable 25% by cheque at the time of sale and balance after 30 days of sale. (iii) Received 975 from Harikrishna in settlement of his account of 1,000. (iv) Received dividend of 60 paise in a rupee from the Official Receiver of Rajan, who owed us 1,000. (v) Charge interest on Drawings 1,500. (vi) Sold goods to Anil costing * 40,000 for cash at a profit of 25% on cost less 20% trade discount. (vii) Paid cartage of * 100 for delivery of goods. (viii) Paid income tax * 15,000.​

Answer 1

1.donation A/c dr 500
To purchase a/c 500
Being the goods given as charity)
2.bank a/c dr 775000
To sales a/c 775000
Being the 25% received by cheque
3.cash a/c 975. Dr
Discount allowed a/c 25. Dr
To harikrishan 1000
Being cash recevid and discount allowed

4.casht a/c 600
To rajan a/c 600
Being the cash received

5.bank a/c dr
To drawing

6.cash a/c dr
Discount allowed a/c dr
To sales a/c

7.cartage a/c dr
To cash a/c

8.drawing a/c dr
To cash a/c