Question

Enter the following transactions of M/s Hi-Life Fashions in purchases and purchases return book for the month of September 2014: Date Details 2018 Sept.01 Spet.08 Sept.13 Sept.19 Sept.21 Sept.26 Sept.28 Purchase of following goods on credit from M/s Ratna Traders, as per Invoice No.714: 25 Shirts @ ₹300 per shirt 20 Pants @ ₹ 700 per pant Less 10% trade discount Purchase of following goods on credit from M/s Bombay Fashion House, as per Invoice No.327 10 Fancy Trousers @ ₹ 500 per trouser 20 Fancy Hat @ ₹ 100 per hat Less 5% trade discount Goods returned to M/s Ratana Traders, as per debit note No.102 : 3 shirts @ ₹ 300 per shirt 1 Pant @ ₹ 700 per pant Less 10% trade discount Purchase of following goods on credit from M/s Zolta Fashions, as per Invoice No.6781 : 10 Jackets @ ₹ 1000 per jacket 5 Plain shirts ₹ 200 per shirts Less 15% trade discount. Purchase of following goods on credit from M/s Bride Palace, as per Invoice No.1076 : 10 Fancy Lengha @ ₹ 2,000 per lengha Less 5% trade discount. Goods returned to M/s Bombay Fashion House as per debit note No.103 : 2 Fancy Trousers @ ₹ 500 per trouser 4 Fancy Hat @ ₹ 100 per hat Less 5% trade discount. Goods returned to M/s Bride Palace as per debit note No.105 : 1 Fancy Lengha @ ₹ 2,000 per lengha Less 5% trade discount.​

Answer 1

Answer:

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Answer 2

Answer:

Total of M/s. Hi- Life Fashions Purchases Book - Rs.44850

Total of M/s. Hi- Life Fashions purchases returns book - Rs.4670

Explanation:

Only Credit Purchases and Purchase returns are posted into Purchases Book and purchase returns book respectively.

Trade discount is not considered while preparing subsidiary book.