(d) Bank account A sells goods to B, costing Rs. 1,00,000 at a profit of 10% above cost, less 10% trade discount and a further 5% cash discount if paid within 15 days. Which of the following Journal entry would correctly record the sale in the books of A? (a) Dr. A and Cr. Sales A/c by Rs. 99,000 (b) Dr. B and Cr. Sales A/c by Rs. 99,000 (c) Dr. B and Cr. Sales A/c by Rs. 90,000 (d) Dr. Cash A/c 94,050, Discount allowed A/c by Rs. 4,950; Cr. Sales A/c by Rs. 99,000.
Answers
Answer:
1,40,0001,40,000
Step-by-step explanation:
2019 Mar. 01Cash A/cDr. 60,000
To Capital A/c
60,000 ( Started business with cash) Mar. 02Furniture A/cDr. 10,000
To Cash A/c
10,000 (Furniture purchased for cash) Mar. 04Purchases A/cDr. 25,000
To Cash A/c
25,000 ( Goods purchased for cash) Mar. 05Purchases A/cDr. 15,000
To Kamlesh’s A/c
15,000 (Goods purchased from Kamlesh) Mar. 10Kamlesh’s A/cDr. 15,000
To Cash A/c
15,000 (Cash paid to Kamlesh) Mar. 16Purchases A/cDr. 6,000
To Sohan’s A/c
6,000 (Goods purchased from Sohan) Mar. 18Purchases A/cDr. 8,000
To Cash A/c
8,000 (Goods purchased from Sohan for cash) Mar. 20Rent A/cDr. 1,000
To Cash A/c
1,000 (Paid office rent) TOTAL 1,40,0001,40,000