Enter the following transactions in the Journal of Ganesh Bros: 2020 March - 3. Sold goods to Dev for- Rs 5000 Received from Dev in full settlement Rs 4800 of his account, 6 Sold goods to Manmohan- Rs 8000 8 Manmohan returned goods for- 800 15 Received from Manmohan in full settlement of his account -Rs 7000 16 Received from Rs 19000 Ram and discount allowed- Rs 1000 20 Paid cash to Pawan Rs 9800 and discount received from him -Rs 200 25 Sold goods to Varun of the list price or Rs. 25,000 at 20% trade discount.
Answers
Answer:
Journal Entry
Explanation:
March 3
Dev ...Dr. 5,000
To Sales A/c 5,000
( Being goods sold to Dev)
March 5
Bank A/c ...Dr. 4,800
Discount Allowed A/c ...Dr. 200
To Dev 5,000
( Being received from Dev in Full Settlement)
March 6
Manmohan ...Dr. 8,000
To Sales A/c 8,000
( Being goods sold to Manmohan)
March 8
Sales Returns A/c ...Dr. 800
To Manmohan 800
( Being goods returned by Manmohan)
March 15
Bank A/c ...Dr. 7,000
Discount Allowed A/c ...Dr. 200
To Manmohan 7,000
( Being received from Manmohan in Full Settlement)
March 16
Cash A/c ...Dr. 19,000
Discount Allowed A/c ...Dr. 1,000
To Ram 20,000
( Being received from Ram in Full Settlement)
March 20
Pawan ...Dr. 10,000
To Cash A/c 9,800
To Discount received A/c 200
( Being Cash paid to Pawan and received Discount )
March 25
Varun ...Dr. 20,000
To Sales A/c 20,000
( Being goods sold to Vann at 20% T.D. i.e. Rs.5000)
Note:- Trade Discount is never mentioned in Journal Entry.
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