Question

journalise the following transactions
supplied goods costing Rupees 6000 to Sakthi issued invoice at 10% above cost less 5% discount
cash rs. 2000 were stolen by employee
out of the insurance premium paid this year Rupees 1500 related to next year
received commission in advance rs. 1000
salaries due to clerks rupees 5000
Sudhir kumar who owed rupees 3000 has failed to pay the amount. He pays a compensation of 40 paise in a Rupee
cash paid to Sudhir 26700. He allowed discount rupees300​

Answer 1

Answer:

1. SAKTHI A/C DR 6270

DISCOUNT A/C DR 330

TO SALES A/C 6600

2. LOSS BY THEFT A/C DR 2000

TO CASH

3. PREPAID INSURANCE A/C DR 1500

TO INSURANCE A/C 1500

4. CASH A/C DR 1000

TO COMMISSION IN ADVANCE A/C 1000

5. SALARY A/C DR 5000

TO SALARY PAYABLE A/C 5000

Explanation: