journal entries
1. Purchased goods from Vinod of list price of Rs 40,000 at 10+ trade discount.
2. Returned goods to Vinod of list price Rs. 1,000.
3. Paid cash to VinodRs 34,000 in full settlement of his account.
4. Bought goods from Trisha for Rs. 2,00,000 at 5+ cash discount and 10+ trade discount. Half of the amount is paid by cheque at the time of purchase.
Answers
Answered by
26
Purchases a c Dr. 36000
To cash a c. 36000
Vinod a c Dr.
To purchases return a c
Vinod a c Dr.
To cash a c
Purchases a c Dr. 200000
To discount received a c. 9000
Tocash a c. 111000
Answered by
5
on the purchases account he will credit 36 000 for the payment of goods and debit 4000 for the discount received.
return outwards account will be debited with 1000
cash account will be credited with 340000 due to cashing outward the money, and the cash account will also br credited drom purchasing goods from Trisha by 200 000, the entry should be re entered on the conflicting counter transactions.
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