Question

Enter the following transactions in sales book
1/12/20:-sold goods to Right Rs 16000
on credit
4/12/20:- Shivaji bought goods from use Rs 7000
8/12/20:-Credit sales to Naveen Rs 10000 @5parent discount
12/12/20:-Sold goods to Avinash Rs 8000
For cash
18/12/20:- Credit sales to Deepak 10 boxes of tea at Rs 100 each​

Answer 1

Answer:

Sales book is a subsidiary book. All credit sales are recorded in the Sales books. Credit transactions after discount are recorded in Sales book.

Explanation:

1) The transaction took place on 04-12-2020, Shivaji brought goods from use Rs.7000 is to be recorded in Sales book

2) When Goods are sold on discount, only net amount is recorded. Therefore, the transactions recorded on 08-12-2020 is net of 5% discount i.e. 10000*95% = 9500

3) Cash sales are not recorded in Subsidary books. Hence, cash sales to Avinash Rs.8000 on 12-12-2020 is not recorded in Sales book