Q. 3. Enter the following transactions in the Journal of Ganesh Bros. :
2017
farch 3 Sold goods to Dev
5 Received from Dev in full settlement of his account
6 Sold goods to Manmohan
8 Manmohan returned goods
15 Received from Manmohan in full settlement of his account
16 Received cash from Ram
and discount allowed
20 Paid cash to Pawan
and discount received from him
25 Sold goods to Varun of the list price of 25,000 at 20% trade discount
[Ans. Total 4,05,000.]
₹
1,00,000
98,000
80,000
1,000
78,200
19,500
500
4,700
300
Answers
Answer:
Journal Entry
Explanation:
March 3
Dev ...Dr. 1,00,000
To Sales A/c 1,00,000
( Being goods sold to Dev)
March 5
Bank A/c ...Dr. 98,000
Discount Allowed A/c ...Dr. 2,000
To Dev 1,00,000
( Being received from Dev in Full Settlement)
March 6
Manmohan ...Dr. 80,000
To Sales A/c 80,000
( Being goods sold to Manmohan)
March 8
Sales Returns A/c ...Dr. 1,000
To Manmohan 1,000
( Being goods returned by Manmohan)
March 15
Bank A/c ...Dr. 78,200
Discount Allowed A/c ..Dr. 800
To Manmohan 79,000
( Being received from Manmohan in Full Settlement)
March 16
Cash A/c ..Dr. 19,500
Discount Allowed A/c ...Dr. 500
To Ram 20,000
( Being received from Ram in Full Settlement)
March 20
Pawan ...Dr. 5,000
To Cash A/c 4,700
To Discount received A/c 300
( Being Cash paid to Pawan and received Discount )
March 25
Varun ...Dr. 20,000
To Sales A/c 20,000
( Being goods sold to Vann at 20% T.D. i.e. Rs.5000)
Note:- Trade Discount is never mentioned in Journal Entry.
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Good luck Dear
Explanation:
Paid cash to Pawan 4700
discount allowed to him 300