Question

(iii) Bought goods from Parkash at one month's credit for rupees 600 of which half were
invoiced to Manohar at 30% above cost.
​

Answer 1

Answer:

69.230

Explanation:

half of one month credit  rupees 300

300× 30÷130

69.230 ans

Answer 2

The calculation and journal entry is as follows.

Explanation:

given, in the question that goods are bought from Parkash at one month's credit for Rs.600. and half of these goods were sold to Manohar at invoice price of 30 % above cost.

first we will calculate the amount for which goods are sold to Manohar:-

half of total goods purchased = 600 / 2

                                                 = 300

the original price of half of the goods in Rs.300 but it is sold at 30% above this price :-

invoice price = half of goods purchased + 30 % of the amount

                     = 300 + 30% of 300

                     = 300 + 90

                     = 390

now, the journal entry for purchasing goods :-

purchase a/c  dr.   600

                       to Parkash  600

( being goods purchased from Parkash at one month's credit )

now, the journal entry for sales to Manohar at 30 % above cost :-

Manohar a/c  dr.   390

                      to sales a/c   390

( being goods sold to Manohar )