Question

24. Give journal entries in the books of Mr.Naresh:
2008
Jan 1 Started business with Rs.10000
Jan 2 purchased goods from Gautam of Rs.1000 at 10% trade discount.
Jan 5
Naresh sold goods of Rs.5000 @5% trade discount and 10% cash discount.
Jan 10
Naresh returned goods of Rs.200
Jan 14
gave away as charity goods of Rs.500 and cash Rs.520.​

Answer 1

Answer:

Bank A/C Dr 10,000

To Capital A/C 10,000

Purchase A/C Dr 900

To Gautam A/C 900

Customer A/C Dr 4275

Discount A/C Dr 475

To Sales A/C 4750

Gautam A/C Dr 200

To Purchase A/C 200

Chatity A/C Dr 1020

To Purchase A/C 500

To Cash A/C 520