Question

make journal entry please

Sold goods Rs. 40,000 to for cash at a profit of 251 on cost less 20% trade and

charged 8% sales tax and paid cartage Rs 100 (not to be charged from customer)

B) Sold goods costing 40,000 to at a profit of 20% on sales less 20% trade discount and charged 8% sales

and paid cartage Rs. 100(to be charged from customer)

9) Sachin rejected and returned 10% of goods.

10) Bought goods of the list price of Rs 2,50,000 from Mohan less 2trade discount and 2's cash discount

and paid 40% by cheque

11) Purchased machinery from Rajiv for 5,000 and paid him by means of a bank draft purchased from bank

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Answer 1

Answer:

Please check the explanation section.

Explanation:

Journal Entries are:

1. Cash A/c Dr.                       41472

        To Sales A/c                  38400

         To Sales tax A/c             3072

(Being sold goods worth Rs. 40000 at a profit of 20% and less 20% trade discount)

2. Cartage A/c Dr.                100

         To Cash A/c                 100

(Being paid for cartage)

3.  Sales return A/c  Dr.       3840

         To Sachin A/c             3840

(Being goods returned by Sachin)

4. Purchase A/c   Dr.                             245000

          To Bank A/c                                 96040

          To Discount received A/c             1960

           To Mohan A/c                            147000

(Being goods purchased on MRP from Mohan, partly on cash and partly on credit)

5.  Machinery A/c  Dr.               5000

           To Bank A/c                   5000

(Being machinery purchased and paid by means of bank draft)

Hope this helps :).