Question

Prepare Debtors and Creditors accounts from the following transactions:-

2019

Jan 1 Sold to Zebra Ltd. Goods costing Rs.20,000, marked up by 10% profit on cost, trade discount 15%.

Jan.5 Purchased from Sardar Co. Rs.2,40,000 goods , trade discount 12%, cash discount 2%.

Jan.10 Sold to Radhaswamy & Sons. Rs. 2,00,000 goods for a trade discount of 12%, half of which was paid immediately at a cash discount of 10%.

Jan.15 Purchased from IKEA shelves for stocking the goods Rs.12,000

Jan.20 Purchased Rs. 40,000 goods from Subodh Traders .

Jan. 21Zebra Ltd. Paid us on account Rs. 3,000 .

Jan.22 Purchased from Sardar Co. goods for Rs.35,000, trade discount 12%.

Jan.23Radhaswamy& Sons returned Rs. 2,000 goods not being up to the mark.

Jan 24. Radhaswamy& Sons paid us a full and final settlement @10% discount.

Jan.26. We Paid Subodh a cheque for half the amount at a discount of 5%.

Jan. 27 Zebra ltd. became insolvent and paid us 20p. in the rupee.

Answer 1

Answer:

final settlement @10% discount.

Jan.26. We Paid Subodh a cheque for half the amount at a discount of 5%.

Jan. 27 Zebra ltd. became insolvent and paid us 20p. in the rupee.