Good purchased for rupees 20000 from Mahesh at 10% trade discount 60% of the amount was paid in cash and availed 5% cash discount.
Answers
Answer:
Step-by-step explanation:
The following balances appeared in the books of Vishal Stores on 1st January 1994:-
Assets :- Cash Rs. 15,000; Bank Balance Rs. 5,000; Stock Rs. 40,000;
Furniture Rs. 3,600; Debtors Rs. 24,000 (X Rs. 6,000; Y Rs. 8,000 and Z Rs. 10,000).
Liabilities :– Bank Loan Rs. 10,000; Creditors- Rs. 12,500(Ajay Rs. 5,000,
Vijay Rs. 7,500)
Following transactions took place during 1994.
Jan 2 Bought goods from kailash for Rs. 20,000 at a trade discount of 10% and Cash
discount of 2%, Paid 60% amount immediately.
Jan 4 Sold goods to X for Rs. 9,000
Jan 5 Received Rs. 14,800 from X in full settlement of his account
Jan 6 Cash deposited into bank Rs. 10,000
Jan 8 Cheque received from Y for Rs. 7,850 in full settlement of his account. This
cheque was immediately deposited in bank.
Jan 10 Received a cheque from Z Rs. 2,000
Jan 12 Cheque received from Z deposited into bank
Jan 15 Cheque received from Y dishonoured
Jan 16 Cash sales Rs. 15,000; Out of this amount Rs. 12,000 deposited in bank
Jan 16 Amount due to Ajay paid by cheque
Jan 18 Old Newspaper sold Rs. 50
Old Furniture Rs. 750
Jan 20 Z became insolvent and 40 paise in a rupee could be received from his estate