Question

Accountanc
68
16. Prepare Vamsi's Account from the following
2018
* 4.40
Aug
1
Balance due to Vamsi
Purchased goods from Vamsi
5
31,50
10 Sold goods to Vamsi
1,20
13 Recieved cheque from Vamsi
71,00
17 Paid cash to Vamsi
* 100
23 Vamsi returned goods
200
29 Purchased goods from vamsi
500
Vamsi account settled with 5% discount
[Ans : Cash Paid 5,985; Discount recovered 315 ]​

Answer 1

Explanation:

Puchases Account Debit

To Vamsi Account Credit

Vamsi Account Debit

To Sales Account Credit

Bank Account Debit

To Vamsi Account Credit

Vamsi Account Debit

To Cash Account Credit

Puchases Return Account Debit

To Vamsi Account Credit

Puchases Account Debit

Discount Allowed Account Debit

To Vamsi Account Credit

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