Question

7. Journalise the following transactions in the books of Vijay Furnitures, Delhi:
(i) Sold goods costing * 1,50,000 to Asha at a profit of 20% on sales less 10% Trade Discount. Paid
cartage of * 1,250 to be charged from Asha.
(ii) Goods sold to Mohan costing *75,000 at a Trade Discount of 10% and paid cartage of 750 (not
to be charged from customer).
(iii) Received 1,000 from Sohan, which were written off as bad debts in previous year.
(iv) Purchased a machinery on credit for 75,000 from Usha Tools Ltd. Paid 10,000 for its loading and
2,500 for its installation.
(V) Used timber of 20,000 for making office furniture.
(vi) Timber costing * 10,000 were used by the owner in making furniture to be used at his residence.
oll​

Answer 1

Answer:

Goods sold to Mohan costing *75,000 at a Trade Discount of 10% and paid cartage of 750 (not

to be charged from customer).