IV. Purchases Book
29. Enter the following transactions in the purchases book/journal
of M/S Jain traders:
Date
Particulars
Amount
2017
Jan 01 Purchased goods from Mr. Suresh for
10,000
Jan 09 Credit purchases from Mr. Santhosh for
20,000
Less 10% trade discount
Jan 11 Purchased from Mahesh traders
8,000
Jan 16 Purchased office furniture from Bengaluru
Furnitures for
15,000
Jan 26 Bought goods from Girish for
Less 5% trade discount
28,000
Ans: Rs.54,600.
Answers
Answer:
52,400
Explanation :
The following Journal Entries shall be passed :
1 Jan 2017
Purchases A/c -------dr 10,000
To Suresh's A/c 10,000
(Being goods purchased from Mr.Suresh.)
9 Jan 2017
Purchases A/c -------dr 20,000
To Discount Received A/c 2,000
To Santhosh's A/c 18,000
(Being goods purchased from Mr.Santhosh on credit and discount received of 10 percent.)
11 Jan 2017
Purchases A/c -------dr 8,000
To Mahesh Trader's A/c 8,000
(Being goods purchased from Mahesh Traders.)
16 Jan 2017
Furniture A/c -------dr 15,000
To Bengaluru Furniture's A/c 15,000
(Being furniture purchased from Bengaluru Furniture for office use.)
26 Jan 2017
Purchases A/c -------dr 28,000
To Discount Received A/c 1,400
To Girish's A/c 26,600
(Being goods purchased from Mr.Girish on credit and discount received of 5 percent.)
In this question, all the transactions are recorded in the books of journal using the dual aspect of accounting and the 5 golden rules stated in accountancy.
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