Question

Q 2. Record the following transactions in the books of Sahdev & Sons in appropriate Day
Books,
Balance of Cash : Rs. 1,00,000
Balance of Bank : Rs. 20.000
Bought goods from Nanak Bros, for 4,00,000 at 10% trade discount and 3% cash discount
on purchase price. 25% of the amount paid at the time of purchase.
(1) Sold goods to Kumar & Sons, for 2,00.000 at 20% trade discount and 5% cash discount on
sale price. 60% of the amount received by Cheque.
(ii) Received from Gopi Chand 38.000 by Cheque after deducting 5% cash discount.
(iv) Paid 20,000 for rent by Cheque.
(v) Paid 50,000 for salaries by Cheque.
(vi) Goods worth 10,000 distributed as free samples.
(vii) R5,000 due from Chanderkant are bad-debts.
(viii) Sold household furniture for 15,000 and the proceeds were invested into business.
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Answer 1

Answer:

Purchase a/c. Dr. 3,60,000 Input cgst a/c. Dr. 324,00 Input sgst a/c. Dr. 32400 To nanak bros. 318600 To cash a/c. 103014 To discount rec. A/c. 3186

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Answer 2

Answer:

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