Question

journalise the following transtation.
purchase goods from gourav on credit for $15000 of which half were invoiced to sarju at 10% above cost

Answer 1

For purchase of goods from Gourav :

Purchases A/C    Dr    $15,000

     To Gourav             $15,000

(Being goods purchased from Gourav)

Half of the goods bought = $ 15,000/2 = $7500

selling price = $7500 + 10%($7500) = $8250

For goods sold to Sarju :

Sarju    Dr   $8250

    To Sales A/C    $8250

(being goods sold to Sarju)