Journalise the following transactions in the books of Mr.P.
(a) Paid cash to A Rs. 2400 and discount received from him Rs.100
(b) Recened cash from V Rs.1225 and discount allowed to him Rs. 25
(c) Goods sold to R Rs.7500
(d) Resumed goods by X Rs.500
(e) Sold goods to R of the list price of Rs.15.000 at 10% trade discount.
in Parchased goods from B of the list price of Rs.5.000 at 15% trade
Purchased furniture worth Rs.20,000 and Loose tools worth Rs.4,000
C) Paid to N out of business fund for repairs of Mr.P's house Rs.8.000
Answers
Answer:
in the books of Mr P
journal entries
A dr 2400
to cash 2300
to discount received 100
___
cash dr 1220
discount allowed dr 25
to V 1225
___
R dr 7500
to sales 7500
___
Sales Return dr 500
to X 500
___
R dr 13,500
to sales 13,500
___
purchases dr 4250
to B 4250
___
furniture dr 20,000
loose tools dr 4,000
to Bank 24,000
___
drawings dr 8,000
to Cash
___
(hope my answer was helpful to you. pleaseeee mark me the brainliest, I'll be very grateful!)
Following are the journal entries in the books of Mr. P :-
Explanation:
(a) A dr. 2,500
to cash a/c 2,400
to discount received a/c 100
( being cash paid to A and discount received from him )
(b) cash a/c dr. 1,225
discount allowed a/c dr. 25
to V 1250
( being cash received from V and discount allowed to him.)
(c) R dr. 7500
to sales a/c 7500
( being goods sold to R )
(d) sales inwards a/c dr. 500
to X 500
( being goods returned by X )
(e) R dr. 13,500 ( 15,000 - 10 % trade discount )
to sales a/c 13,500
( being goods sold to R at trade discount of 10 % )
(f) purchased a/c dr. 4,250 ( 5,000 - 15% trade discount )
to B 4,250
(being goods purchased from B at trade discount of 15 % )
(g) furniture a/c dr. 20,000
loose tools a/c dr. 4,000
to cash/bank a/c 24,000
( being furniture and loose tools purchased )
(h) drawings a/c dr. 8,000
to cash/bank a/c 8,000
( being amount paid for personal use through business fund )