Question

Journaliste the following transaction Tarun introduced capital by cheque rs 25000 purchased goods for 20000 and availed discount 1000 sold goods to Puneet for 5000 Puneet paid cash and availed discount rs 100

Answer 1

Answer:

Bank a/c. Dr ₹25,000

To Capital a/c. ₹25,000

(Being capital introduced in business)

Purchase a/c. Dr ₹21,000

To Bank a/c. ₹20,000

To Discount a/c. ₹1,000

(Being purchased goods and received cash discount)

Cash a/c. Dr ₹5,000

Discount a/c. Dr ₹100

To Sales a/c. ₹5,100

(Being goods sold for cash and allowed a cash discount)