Question

give journal entries for the following
a. Sold goods to Mr. Banerji Rs. 10000 less 5% trade discount
b. Mr. Suresh paid Rs.990 in full settlement of his debt of Rs. 1000

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Answer 1

Answer:

a)sales ac dr 9500

to mr. banerji 9500

b) cash ac dr 990

discount received ac dr 10

to debtors ac 1000

Answer 2

Answer:

a. mr. banerji ac dr. 9500

to sales ac 9500

(being goods sold on credit @5% td)

b.cash ac dr. 990

discount allowed ac dr. 10

to suresh. 1000

(being cash received from suresh allowing disc.)