Question

purchase goods from Navin for 25,000 less trade discount 12% . return good to Navin goods of the list price of 2000 . cleared the account of navin by paying cash, under a discount of 5%.
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Answer 1

Jouranl entries :-

1. Purchase a\c. Dr. 22000

To Naveen. 22000

(Purchase goods from Naveen for 25000 less TD 12% : 25000-(25000×12/100) = 22000)

2. Naveen a\c. Dr. 1760

To Purchase return a\c. 1760

(return good list price 2000 also less TD : 2000-(2000×12/100) =1760 )

3. Naveen a\c. Dr. 20240

To Cash a\c. 19228

To discount received a\c. 1012

(Cash discount (22000-1760)×5% = 1012 and cash will be paid (22000-1760-1012)= 19228)

Answer 2

Answer:

Explanation:
1. Purchase a\c. Dr. 22000

To Naveen. 22000

(Purchase goods from Naveen for 25000 less TD 12% : 25000-(25000×12/100) = 22000)

2. Naveen a\c. Dr. 1760

To Purchase return a\c. 1760

(return good list price 2000 also less TD : 2000-(2000×12/100) =1760 )

3. Naveen a\c. Dr. 20240

To Cash a\c. 19228

To discount received a\c. 1012

(Cash discount (22000-1760)×5% = 1012 and cash will be paid (22000-1760-1012)= 19228)