a) sold goods on credit to john $500 less5% trade discount
b)goods returned by john $80 less 5% trade discount
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Explanation:
June 1 Raghunath started business with cash Rs. 80,000, Goods Rs. 40,000 and
Furniture Rs. 20,000
June 2 Sold goods to Nandlal of the list price of Rs. 20,000 at trade discount of 10%
June 4 Nandlal returned goods of the list price of Rs. 4,000
June 8 Received from Nanlal Rs. 14,150 in full settlement in his account.
June 10 Purchased goods from Brij Mohan of the list price of Rs. 10,000 at 15% Trade
discount
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