Question

2.
Ram bought goods from Shyam worth Rs.50,000 at 10% trade discount on 015 May 2017. Ram
accepted a draft issued in his favour by Shyam for the amount due for 90 days. On 03 June
2017, Ram expressed his willingness to pay the bill if Shyam could give him a minor relief of
7.3% p.a, in payment. Shyam agreed to his proposal and Ram cleared his dues by issuing a
cheque for the amount. Journalise in the books of Ram and Shyam and show each others' ledger
in other's books.
(8)​

Answer 1

ANSWER

Purchase book also known as purchase journal is an accounting ledger in which all credit purchases of trading goods are recorded.

For example: purchased goods for Rs.10,000 from Ram on credit will be recorded in purchase day book.

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