Question

9. Pass necessary Journal entries for the following transactions in the books of Mahesh :
(1) Mahesh started business with 25,000.
(2) He ordered his supplier, Satish to send * 5,000 worth of goods.
(3) Purchased at 10% trade discount goods from A, the list price being 5,000.
(4) Sold goods at 5% trade discount to Harihar, the list price being 2,000.
(5) Goods purchased from M/s Neel Kamal at a list price of 12,000 at 10% trade discount and
3% cash discount. Cash was paid upto 80% of the amount.
(6) Sold to S. Chauhan a trade discount of 6% and cash discount of 1% goods of the list price
of 15,000. He has paid 60% in cash.
Ans. Total of Journal 56.3001​

Answer 1

Answer:

cash a/c dr 25000

to capital account 25000

Satish ac dr 5000

to cash ac 5000

Explanation:

cash ac dr 4500

to good 4500

Harihar dr 1900

to cash 1800

to discount 100

Purchase A/c 10800

to neelkmal 10800