Question

purchased goods from deepika for ₹20000 these goods were supplied to Bani at a profit of 20 percent. Bani return goods worth rupees 1200 which was ultimately return back to ritika journal entry​

Answer 1

Explanation:

1) Goods purchased

Purchases a/c Dr 20000

to cash a/c 20000

((Being goods purchased from Deepika))

2)Being goods resold to bani@20% profit

cash a/c Dr. 24000

to sales a/c 24000

((Being goods sold to Bani))

3) Goods returned to from Bani

sales return a/c Dr 1200

to Bani a/c 1200

((Being goods returned from Bani))