(i) Goods costing 5,000 sold to Ravi at profit of 20% on sales less 10%
trade discount. Give necessary journal entry with working note..
(ii) Pass journal entry for outstanding salary 5,000 at the beginning of the
accounting year.
Hint:-
Ans: (i) Dr. Ravi, Cr. Sales by 5,625 (ii) Dr. Outstanding Salary, Cr. Cash
by 5,000
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Hint:-
Ans: (i) working note:- cost of goods= 5,000
sold to ravi on 20% profit= 5,000×20÷100
=5,000+1,000
=6, 000
less trade discount 10% = 6,000×10÷100
= 6,000-600
=5, 400
Explanation:
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