Pass Journal entries for the following
• Bought goods from vanshika worth rs.100000 at 20% trade discount and 5% cash discount . Paid full amount at the time of purchasing itself.
• Sold goods to nupur for rs.50000 at terms 4% cash discount and 20% trade discount . Half the amount received by cash and balance half by cheque on the same day.
• Sold goods to Sudha for rs100000 at 20% trade discount and 10% cash discount if the payment is received with in ten days. She paid half the amount on march 26 and 30% of the remaining on March 31st
Answers
Answer:
Explanation:
- Purchase A/c Dr 80,000.00
To Bank/ Cash 76,000.00
To Discount A/c 4,000.00
(being Bought goods from vanshika worth rs.100000 at 20% trade discount and 5% cash discount . Paid full amount at the time of purchasing itself.)
- Cash A/c Dr 19,200.00
Bank A/.c Dr 19,200.00
Discount A/c Dr 1,600.00
To sales A/c 40,000.00
(being sold goods to nupur for rs.50000 at terms 4% cash discount and 20% trade discount . Half the amount received by cash and balance half by cheque on the same day and cheque deposited in the Bank)
- Sudha A/c Dr 80,000.00
To sales A/c 80,000.00
(being goods sold to Sudha and 20% trade discount given)
On 26.03.2020
- Cash A/c Dr 36,000.00
Discount A/c Dr 4,000.00
To Sudha's A/c 40,000.00
(being 50% of amount received and cash discount allowed 10%)
On 31.03.2020
- Cash A/c Dr 36,000.00
Discount A/c Dr 4,000.00
To Sudha's A/c 40,000.00
(being 50% of amount received and cash discount allowed 10%)