Question

Purchased goods from gaurav on credit for rs15000 of which half where invoiced to sarju at 20%

Answer 1

1) purchase Ac Dr. 15000

To Gaurav Ac. 15000

2) Sarju's Ac. Dr. 9000

To sales Ac. 9000

Answer 2

Answer:

Purchasing Credit When a business buys any inventory from a third party on conditions of the credit, a journal entry is made in the purchase diary to record the transaction. It will debit the account for purchases. The company's books of accounts will be credited with the creditor's account or account payable account.

When a business buys products from a vendor on credit, the purchases account will be debited because the business's inventory (assets) will rise as a result. As a result, the amount for which purchases have been made will eventually be paid to the third party (vendor), resulting in a matching credit in the accounts payable account. As a result, the entry that has to be made to record the credit purchase is as follows:

Particulars  Dr ($) Cr ($)

Accounts Payable A/C …..Dr XXX  

                  To Cash  A/C   XXX

Explanation:

solution:

first, we will calculate the amount for which goods are sold to Manohar:-

half of the total goods purchased = 15000 / 2   =  7500

the original price of half of the goods in Rs.7500 but it is sold at 20% above this price:-

invoice price = half of the goods purchased +20 % of the amount

                    = 7500 +20% of 7500

                    = 7500+ 1500

                    = 9000

now, the journal entry for purchasing goods:-

purchase a/c  dr.  15000

                      to Parkash  15000

( being goods purchased from Gaurav on credit)

now, the journal entry for sales to sarju 20 % above cost:-

sarju a/c  dr.   9000

                     to sales a/c   9000

( being goods sold to sarju )

learn more about it

brainly.in/question/16261629

brainly.in/question/16327554

#SPJ2