Question

jounral entries

March7 : Purchased goods of `.40,000 from Nutan at a trade discount of 10% and cash
discount of 5% and paid half the amount.
March23 : Sold all the goods purchased from Nutan on 7-3-2XX8 to Nagin at a profit of
20%.


March26 : Out of the goods sold to Nagin on 23-3-2XX8, he returned defective goods of
`.6,000, which we returned to Nutan.

Answer 1

Answer:

Purchased goods of `.40,000 from Nutan at a trade discount of 10% and cash

discount of 5% and paid half the amount.

March23 : Sold all the goods purchased from Nutan on 7-3-2XX8 to Nagin at a profit of

20%.

March26 : Out of the goods sold to Nagin on 23-3-2XX8, he returned defective goods of