pass joural entries in the books of raghunath from the following transactions
Answers
Answer:
pass joural entries in the books of raghunath from the following transactions
Answer:
Explanation:
Sold goods to Nandlal of the list price of Rs. 20,000 at trade discount of 10%
June 4 Nandlal returned goods of the list price of Rs. 4,000
June 8 Received from Nanlal Rs. 14,150 in full settlement in his account.
June 10 Purchased goods from Brij Mohan of the list price of Rs. 10,000 at 15% Trade
discount
June 13 Returned goods to Brij Mohan of the list price of Rs. 1,000
June 16 Settled the account of Brij Mohan by paying cash, under discount of 4%
June 18 Purchased goods from Anil Rs. 5,000; Sunil Rs. 10,000.
June 19 Paid cash to Anil Rs. 1,900 and discount received Rs. 100
June 20 Paid Rs. 9,800 to Sunil in full settlement of his account.
June 20 Bought a ‘Table Fan’ for Rs. 1,200 for the domestic use of Raghunath.
June 25 Sold goods for cash of the list price of Rs, 8,000 at 10% trade discount and 3%
cash discount.
June 30 Paid Rent Rs. 800; Trade Expense Rs. 700 and Travelling Expenses Rs. 380.
Ans 1: JOURNAL OF RAGHUNATH
Date Particulars L.F. Amount
Dr.
Amount
Cr.
1994
June 1
June 2
June 4
June 8
June 10
Cash A/c. Dr.
Purchases A/c. Dr.
Furniture A/c. Dr.
To Capital A/c
(For business started with Cash, Goods & Furniture)
Rs.
80,000
40,000
20,000
18,000
3,600
Rs.
1,40,000
Nandlal A/c. Dr.
To Sales A/c
(For goods sold less trade discount)
18,000
Sales Return A/c. Dr.
To Nandlal
(For goods returned by Nandlal Rs. 4,000 less 10%)
3,600
Cash A/c. Dr.
Discount A/c. Dr.
To Nandlal
(For cash received and discount allowed)
14,150
250
14,400
Purchases A/c Dr.
To Brij Mohan
8,500
8,500