Pass journal entries for the following:
2019
March 1 Bought goods from Vishwas worth Rs.1,00,000 at 20% trade discount and 5% cash discount.
Paid full amount at the time of purchase itself.
March 3 Bought goods from Trisha for Rs.2,00,000 at 5% cash discount and 10% trade discount. Half of
the amount paid by cheque at the time of purchase.
March 4 Sold goods to Nupur for Rs.50,000 at terms 4% cash discount and 20% trade discount. Half the
amount received by cash and balance half by cheque on the same day.
March 6 Sold goods to Anuradha for Rs.1,00,000 on terms 10% trade discount and 5% cash discount if
the payment is received within 15 days. 80% payment is received on March 18th by cheque.
March 20 Sold goods to Sudha for Rs.1,00,000 at 20% trade discount and 10% cash discount if the
payment is received within ten days. She paid half the amount on March 26th and 30% of the
remainder on March 31st
Answers
Answer:
March 1. purchase a/c. dr. 80,000
To discount a/c 4000
To cash a/c. 76000
March 3 purchase a/c. dr. 1,80,000
To discount a/c 4500
To bank a/c. 85,500
To Trisha's a/c. 90000
March 4 cash a/c Dr. 19,200
cheque in hand a/c Dr. 19,200
Discount a/c. Dr. 1600
To sales a/c. 40000
March 6. Anuradha. a/c. Dr. 90,000
To sales a/c. 90000
March 18.cheque in hand a/c. Dr. 68400
discount a/c. Dr. 3600
To Anuradha a/c. 72000
March 20. Sudha a/c. Dr. 80000
To sales a/c. 80000
March 26. cash a/c. Dr. 36000
Discount a/c. Dr. 4000
To Sudha a/c 40000
March 31. cash a/c. Dr. 12000
To sudha a/c. 12000
Answer:
March 1 Bought goods from Vishwas worth Rs.1,00,000 at 20% trade discount and 5% cash discount.