2018
March 2 Sold goods to Dilip of the list price of 62,000 for 60,000
16 Purchased goods costing 2,00,000 from Hari & Co. Paid 75% immediately by
cheque to avail 4% discount
20 Sold goods to Vishal Traders costing 40,000 at 25% profit, allowing 10% trade
discount and 10% cash discount. Received 80% payment immediately by cheque.
26 Sold goods to Brij & Co. costing 50,000 at 40% profit, allowing 10% trade
discount and 5% cash discount. Brij & Co. paid the full amount by cheque and
availed cash discount.
Answers
Answer:
Mar 2- Dilip a/c Dr. 60,000
Discount allowed a/c 2,000
To Sales a/c 62,000
Mar 16 - Purchase a/c Dr. 2,00,000
To Bank a/c 1,44,000
To Discount Received a/c 6,000
To Hari & Co. a/c 50,000
Mar 20 - Vishal Traders a/c Dr. 8,100
Bank a/c Dr. 32,400
Discount Allowed a/c Dr. 4,500
To Sales a/c 45,000
Mar 26 Bank a/c Dr. 59,850
Discount Allowed a/c Dr. 3,150
To Sales a/c 63,000
WORKING NOTE:
Mar 16- 2,00,000 x 75%=1,50,000
1,50,000 x 4%= 6,000 (DISCOUNT)
Mar 20- Cost (40,000)= 40,000
Profit(25% on Cost)= 10,000
Total Sales = 50,000
(T.D)Trade Discount (10%) =50,000 x 10%= 5,000
Actual Sales= Total Sales - T.D
= 50,000 - 5,000
= 45,000
(C.D)Cash Discount = Actual Sales x 10%
= 45,000 x 10%
= 4,500
Cash Received = (Actual Sales - C.D) x 80%
= (45,0000 - 4,500) x 80%
= 40,500 x 80%
= 32,400
Mar 26- Cost (50,000)= 50,000
Profit(40% on Cost)= 20,000
Total Sales = 70,000
(T.D)Trade Discount (10%) =70,000 x 10%= 7,000
Actual Sales= Total Sales - T.D
= 70,000 - 7,000
= 63,000
(C.D)Cash Discount = Actual Sales x 5%
= 63,000 x 5%
=3,150
Cash Received = (Actual Sales - C.D)
= (63,0000 - 3,150)
= 59,850
Answer:
hope it helpful....
