Question

Pass necessary Journal Entries for the following transactions:
(i) Sold goods to Amit of the list price of 50,000 at trade discount of 10%.
(ii) Amit retumed of the goods.
(iii) Received from Amit after deducting 10% cash discount.
(iv) Sold goods to Girish of the list price of 40,000 at trade discount of 10%.
(V) Girish returned goods of the list price of 2,000.
(vi) Received from Girish 33,150 in full settlement of his account.​

Answer 1

Answer:

amit a/C dr 45000

trade a/c dr 5000

To sales 50000

2 sales return a/c dr 5000

To amit 5000

3 amit a/c dr 45000

To discount 45000

4Girish a/c Dr 36000

TRade a/c Dr 4000

To sales 50000

5 sales a/c Dr 2000

To girish 2000

6 girish a/c Dr 33150

To cash 33150