Question

Following transactions are given to you.
a. Sold goods to Krishna for Rs.20,000 and received cash Rs.15,000 only
b. Purchased goods from Narayan for Rs. 3000
c. Returned goods to Narayan for Rs.300.
d. Paid to Nayaran Rs.2650 in full settlement of his account.
Required: 1. Journal Entries 2. Narayan A/C​

Answer 1

answer

Krishna's A/c Dr. 15,000

To Sales A/c 15,000

Explanation:

sales a/c Dr

to cash a/c 20000

so sales amt is 20,000 but received by krishna os 15000

so 5000 remain

and Narayan all amt are settled fully

so Narayan are not to pay

therefore

Krishna's A/c Dr. 15,000

To Sales A/c 15,000