Journalise the following transactions of M/s Nikhil & Co. (a) Received Rs.38,000 from Prabhu in full settlement of his account for Rs.40,000 (b) Binu who owed us Rs.15,000 declared insolvent and 65 paise in a rupee is received as final dividend from his estate. (c) Sold goods to kitty of 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. (d) Cheque received from M/s Lara India for final settlement of Rs.11,500 and but not deposited on the same day into bank. (e) Goods returned to Nidhi worth Rs.1,500 (f) A Bill Receivable of Rs. 10,000 got discounted with the bank.Paid Rs.500 as discounting charges
Answers
Answer:
In the books of my/s nikhil and co
a. cash a/c. dr 38000
discount all. a/c dr 2000
to prabhu's a/c 40000
b. cash. a/c dr 9750
bad debt a/c dr 5250
to Bindu's a/c. 15000
c. cash a/c dr. 17100
discount received a/c dr. 900
to kitty's a/c. 18000
d. cheque in hand a/c dr 11500
to m/s Lara's. a/c. 11500
e. nodhi's a/c. dr. 1500
to purchase a/c. 1500
f. cash a/c dr. 9500
discounting charges a/c dr. 500
to bills receivable. a/c. 10000
Explanation:
the answers are shown above