Question

please help experts .. :) journalise the following transactions jan 1 ram strted business with cash rs 100000 good rs 50000 furniture rs 25000 jan 2 purchased goods from shyam of the list price of rs 25000 at a trade discount of 12% jan 3 sold goods to mohan of the list price of rs 10000 at a trade disc of 10% jan 4 mohan returned 10%goods found defective jan 5 returned defective goods to shyam jan 6 received cash frrom mohan in full settlement under a discount of 5% jan 7 cleared the amount of shyam by paying cash under a discount of 10%

Answer 1

Jan 1 Cash A/C Dr. 100000
Goods A/C. Dr. 50000
Furniture A/C. Dr. 25000
To Capital A/C 175000

Jan 2 Purchases A/C. Dr. 22000
To Shyam's A/C. 22000

Jan 3 Mohan's A/C. Dr. 9000
To Sales A/C. 9000

Jan 4 Sales return A/C Dr. 900
To Mohan's A/C 900

Jan 5 Shyam's A/C. Dr.
To Purchase return A/C

Jan 6 Cash A/C. Dr. 7695
Disc. allowed A/C. Dr. 405
To Mohan's A/C 8100

Jan 7 Shyam's A/C. Dr.
To cash A/C
To Disc. received A/C