Accountancy, asked by patilbansilal240, 12 hours ago

purchase goods from ram of ₹50.000at 18/: gst

Answers

Answered by rohanfresk
0

Question 3.

Journalise the following transactions in the books of M/s. R.K. & Co.

(i) Purchased goods at list price of ₹ 20,000 from Vishal at 20% trade discount against cheque payment.

(ii) Purchased goods at list price of ₹ 20,000 from Naman at 15% trade discount against cash.

(iii) Purchased goods at list price of ₹ 30,000 from Amrit at 20% trade discount.

(iv) Purchased goods at list price of ₹ 40,000 for ₹ 35,000 for cash.

(v) Goods returned of list price ₹ 10,000 purchased from Amrit.

(vi) Sold goods to Parul at list price of ₹ 40,000 at 10% trade discount against cheque payment.

(vii) Sold goods to Aman at list price of ₹ 30,000 at 10% trade discount against cash.

(viii) Sold goods to Pawan at list price of ₹ 20,000 at 10% trade discount.

(ix) Sold goods to Yamini at list price of ₹ 25,000 for ₹ 23,000.

(x) Sold goods costing ₹ 10,000 at cost plus 20% less 10% trade discount to Bhupesh.

(xi) Sold goods purchased at list price of ₹ 50,000 less 15% trade discount sold at a profit of 25% & 10% trade discount against cheque.

(xii) Aman returned goods of list price of ₹ 10,000 sold to him at 10% trade discount.

Solution:

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 8

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 9

Working Notes:

1. Calculation of Sales Price

Sales Price = Goods Sold + Cost – trade discount

Sales Price = 10,000 + 20% – 10% = Rs. 10,800

2. Calculation of Purchase and sales Price

Purchase Price = Purchases goods – Trade Discount

Purchase Price = 50,000 – 15% = Rs.42,500

Sales Price = Goods Sold + Profit – trade discount

Sales Price = 42,500 + 25% – 10% = Rs.47,812.50

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