Question

Journalise the following transactions in the books of Chandan Bros. :- (i) Received Rs.38,000 from Krishan Swaroop in full settlement of his account for Rs.40,000. (ii) Received Rs.38,000 from Dushyant on his account of Rs.40,000. (iii) Biroo who owed us Rs.15,000 is declared insolvent and 65 paisa in a rupee is received as final dividend from his estate. (iv) Sold goods to Kitty list price Rs.20,000, trade discount 10% and cash discount 5%. He paid the amount on the same day and availed the cash discount. (v) Supplied goods costing Rs.6000 to Shakuntla, issued invoice at 10% above cost less 5% trade discount.​

Answer 1

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