Question

6. Journalise the following transactions in the books of Modi :
2014
Jan. 1 Modi started business with 2,00,000.
Jan. 5. Purchased goods worth 30,000 at a trade discount of 5%.
Jan. 6. Purchased goods worth 40,000 at a cash discount of 6%.
Jan. 7. Sold goods worth 35,000 to Hooda at a trade discount of 2%.
Jan. 8./Sold goods worth * 25,000 to Nitish at a cash discount of 4%, cheque was received on the spot.
Jan. 12/ Goods of the selling price of 20,000 were sold at a trade discount of 5% and cash discount 2%,
payment received by cheque.
15
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Answer 1

JAN.1. cash acc......dr. 200000

TO CAPITAL ACC. 200000

JAN.5. PURCHASES ACC..DR 28500

To cash acc. 28500

jan.6. purchases acc. dr. 37600.

discount recd. ac dr. 2400

to cash ac 40000

jan.7 hooda dr. 34300

to sales ac. 34300

Answer 2

Answer:

cash account debit

to capital account

purchase account debit 28500

to cash account 28500

purchase account debit 40000

to discount account 2400

to cash account 37600

Explanation:

in jan. 5.  5% of 30000 is 1500 and trde discount is not shown so after deducting trade discount the amount is 28500