Question

Give Journal Entries for the following transactions in the books of Raja Ram:
2005
March 3 Bought goods for cash of list price of Rs. 80,000 at 10% trade discount and 2% cash discount.
5 Sold goods for cash of the list price of Rs.1,00,000 at 15% trade discount and 3% cash discount.
6 Sold goods to Nagpal of the list price of Rs. 50,000 at 20% trade discount 8 Nagpal returned one-fourth of the above goods Nagpal settled the account by paying cash under a discount of 5%​

Answer 1

Explanation:

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