Question

Journalise the following transactions : 1. Received Rs. 4,700 in full settle of debt of Rs. 5,000 from Ram. 2. Paid Rs. 1,800 to Ajay in full settlement of Rs. 2,000. 3. Sold goods of invoice price of Rs. 10,000 to Neha at 20% trade descount and 10% cash discount. He paid half the amount in cash. 4. Bought goods worth Rs. 10,000 from Aashish at 20% trade discount and 12% cash discount his paid 75% amount in cash. 5. Bought goods worth Rs. 15,000 from Pawan at 20% trade discount. 6. Returned goods to Pawan of the list price of Rs. 1,000. [Ans. Total of Journal Rs. 35,800.]​

Answer 1

Answer:

1. Cash account dr 4700

Discount allowed dr 300

To Ram. 5000

2. Ajay. dr 2000

To cashaccount. 1800

To discount received 200

3. Cash account dr 3600

. Discount allowed dr 400

Neha. dr 4000

To sales account. 8000

W.N. invoice price = 10000

(-) trade discount = 2000

(10000*20%)

Sales. = 8000

Half amount paid in cash 8000/2=4000

cash discount allowed on 4000

so cash discount is 4000*10/100=400

amount received = 4000-400=3600

4. Purchase account dr 8000

To cash account 5280

To discount received 720

To Aashish. 2000

W.N. list price= 10000

(-) trade discount = 2000

(10000*20/100)

Purchase = 8000

75% amount paid in cash 8000*75/100= 6000

cash discount 12% allowed on6000

so cash discount is 6000*12/100= 720

amount paid = 6000-720= 5280

5. Purchase account dr 12000

To Pawan. 12000

(15000- trade discount 20%of 15000)

6. Pawan. dr. 800

... To Purchase return account 800

(1000-1000*20/100)