Question

Pass necessary Journal Entries in the books of Radheyshyam and Sons-
1. Started Business with Cash Rs. 3,75,000; Goods Rs. 1,20,000; Machinery Rs. 95,000 and Furniture Rs. 60,000.
2. Amrit sold goods to us of the list price Rs. 65,000 less 20% Trade Discount and 4% Cash discount if payment made within 10 days.
3. Mukul purchased goods from us costing Rs. 1,70,000 at a profit of 15% on sales less 20% Trade discount and 2% Cash discount and 30% payment was received at the same time by cheque which was deposited in bank on the same day.
4. Cash received from Ashish Rs. 47,000 after deducting 6% cash discount.
5. Purchase 400 shares of Hero Ltd. @ Rs. 30 each and paid 2.5% Brokerage on it.
6. Radheyshyam Sold his personal Car for Rs. 1,20,000 and deposited the money into firm's Bank Account.
7. Sold goods to Dinesh of the list Price Rs. 50,000 less 18% Trade discount
8. Payment made to Amrit by cheque within the time and avail the discount.
9. Rent paid to Clerk(Manoj Kumar) by cheque Rs. 2,800.
10. Dinesh became bankrupt and 40 Paisa in a rupee was received from his property.​

Answer 1

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