Question

goods of amount Rs 75440/- purchased from karan .on 20 th nov 2017 full amount of Rs 44440/- paid to karan .on 21st dec 2017 goods of Rs 2530/- lost in fire.

Answer 1

Purchases A/C. Dr. Rs.75,440

To Cash A/C. Rs.44,440

To Discount Received A/C. Rs.31,000

(Being goods purchased from Karan)

Loss of Stock due to fire A/C. Dr Rs.2530

To Purchases A/C. Rs.2530

(Being goods lost in fire)

Answer 2

Journal entry

1) Purchases A/c   Dr  75440

        To karan  A/c                    75440

(being amount purchased from karan on credit )

Date : 20 -11-17

2) Karan A/c    Dr   75440

           To cash A/c                            44440

            To discount received A/c     31000

(being full amount paid to karan )

* Note - As paid full amount of Rs. 44440 to karan remaining amount assumed as discount received

3)  Date : 21 -12-17

Lost by fire A/c    Dr  2530

         To purchases A/c              2530

(being goods lost by fire)