Question

Q.3. Pass Journal Entries for the following transactions in the book of Sanskar Limited:-

1. Purchase Air Conditioner from Shakun Electronics of Rs. 75,000/- , Trade discount 20% , paid 65% cash immediately and avail cash discount of 5%.


2. Goods costing 25,000 sold to Mehak at a profit of 20% on cost.

Mehak paid 29,655 by cash in full settlement of her account.


3. Paid insurance premium Rs. 4800 on 1st September 2019 for 12 months by cash.

(Accounting Year starts from 1st April 2019- to- 31st March 2020.)


4. Goods Lost by fire( Cost-50,000 & List Price: 75,000), Goods given as charity( Cost-25000 & List Price: 36000)


5. Purchase Camel and Horse for business purpose from Babu bhai amounting Rs. 2,50,000

( Rs. 1,50,000 is for horse & Rs. 1,00,000 is for Camel)


6. Camel purchased above was died and its carcass was sold for Rs. 25,720.

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Answer 1

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