5. Record the following transactions in the journal of Rakhee : 2018 May 01 Purchased goods of the list price of 20,000 from Gopal at 10% trade discount May 04 Returned goods to Gopal of the list price of 7 4,000 May 07 Settled the account of Gopal under cash discount of 2%. [Ans. Total of Journal 336,000; May 07 - Cash discount received * 288)
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Explanation:
i.) Purchased goods of a list price 20,000 from gopal at 10% trade discount.
ii.) Returned goods to Gopal of list price 4,000.
iii.) Settle the account of gopal under cash discount of 2%
i.) Purchases A/c___Dr.__18,000
_______To Gopal_________18,000
✶⊶⊷⊶⊷⊷⊶⊷ ❍⊷⊶⊷⊶⊷⊶⊷✶
ii.) Gopal _____________Dr.__3,600
_____To Purchase Return_____3,600
✶⊶⊷⊶⊷⊷⊶⊷ ❍⊷⊶⊷⊶⊷⊶⊷✶
iii.) Gopal____________Dr.__14,400
_________To Cash A/c_______14,112
____To Discount Received____288
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