Question

Purchased goods from Mukesh at the list price of Rs.2,00,000 at a 10% trade discount.
1/4th of the above goods returned to Mukesh for not being up to specification. Issued a cheque to Mukesh for the amount due to him after deducting 2% as a cash discount. Pass Journal entry for this transaction. Show all the calculations in working notes

Answer 1

Answer:

Purchase a/c dr. 1,80,000

to Mukesh 1,80,000

Mukesh dr. 45,000

to purchase return a/c 45,000

Mukesh dr. 1,32,300

to Bank a/c 1,32,000

Explanation:

sol: list price = 2,00,000

TD @ 10% = 20,000

= 1,80,000

1/4 th goods returned to Mukesh = 1/4th of 180,000

= 45000

Issued cheque to Mukesh of remaining amount = 180,000 - 45000

= 135000

deducting 2% as a cash discount = 2700

remaining amount = 1,32,300

this question has 3 entries and you should have to write all the 3 entries in your exam rather than your marks will be deducted....... I hope this will help you.....