Question

Journalise the following transactions: (6) a) Purchased goods from Mohan Bros. for ₹ 4,00,000 at 10% Trade Discount and 3% Cash Discount .Full amount was paid at the time of purchase and availed Cash Discount.(Charge CGST and SGST @ 9% each.) b) Sold goods to Kapoor & Sons. for ₹ 5,00,000 at 20% Trade Discount and 5% Cash Discount .Full amount received by cheque at the time of sale and allowed cash discount. (Charge CGST and SGST @ 9% each.) c) Cash withdrawn from bank Rs. 5,000 for personal use and Rs. 25,000 for office use. d) Out of wages paid this year, Rs. 3,000 is related to next year. e) Sohan who owed us Rs. 25,000 was declared insolvent and 40 paise in a rupee is received from him in full settlement. f) Salary paid Rs. 8,000 and Salary Outstanding Rs. 2,000.

Answer 1

Explanation:

400000-10℅ trade discount(40000)=360000-cash discount 3℅(10800)=360000-10800=349200