: Pass journal entries in the books Mohit Agencies : [Total of journal - 54,000]
a. Bought goods from Kumar 30,000 less trade discount 10%.
b. Returned goods to Kumar of list price 5,000.
c. Paid balance amount to Kumar by cheque and availed (received) 2% C.D.
Pass journal entries in the books Mukund Enterprises:
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A) Purchases a/c. 27,000
To Kumar a/c 27,000
( cost of goods-trade discount= 30,000-10% of 30,000= 30,000-3,000= 27,000)
B) Kumar a/c. 5,000
To Purchases Return a/c. 5,000
C) Kumar a/c 22,000
To Bank a/c 21,560
To Discount Recd. a/c. 440
(Purchases - purchase return= 27,000 - 5,000= 22,000. Cost of goods - cash disc.= 22,000 - 2% of 22,000= 22,000 - 440= 21,560)
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To Kumar a/c 27,000
( cost of goods-trade discount= 30,000-10% of 30,000= 30,000-3,000= 27,000)
B) Kumar a/c. 5,000
To Purchases Return a/c. 5,000
C) Kumar a/c 22,000
To Bank a/c 21,560
To Discount Recd. a/c. 440
(Purchases - purchase return= 27,000 - 5,000= 22,000. Cost of goods - cash disc.= 22,000 - 2% of 22,000= 22,000 - 440= 21,560)
I hope this helped you....please mark as brainliest
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