Legal fees paid to acquire a building should be debited to profit & loss account.
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Explanation:
3. Purchases A/c Dr. 72,000
To cash a/c 70,560
To discount received a/c. 1,440
5. Cash a/c Dr. 84,450
Discount received a/c Dr. 2,550
To sales a/c 85,000
6. Nagpal Dr. 40,000
To sales a/c 40,000
8. Sales return a/c Dr. 10,000
To nagpal 10,000
10. Cash a/c Dr. 28,000
Discount allowed a/c Dr. 1,500
To nagpal. 30,000
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