Question

Q. 8. Pass Journal entries in the books of Raghunath Bros. from the following
transactions :-
SS
win
2016
June 1 Raghunath Bros. started business with cash 80,000; Goods 40,000 and
furniture *20,000.
June 2 Sold goods to Nandlal of the list price of 320,000 at trade discount of 10%.
June 4 Nandlal returned goods of the list price of 4,000.
June 8 Received from Nandlal 14,150 in full settlement of his account.
June 10 Purchased goods from Brij Mohan of the list price of 10,000 at 15% trade discount.
June 13 Returned goods to Brij Mohan of the list price of 1,000.
June 16 Settled the account of Brij Mohan by paying cash, under a discount of 4%.
June 18 Purchased goods from Anil 35,000; Sunil 10,000.
June 19 Paid cash to Anil 1,900 and discount received *100.
June 20 Paid 39,800 to Sunil in full settlement of his account.
June 20 Bought a 'Table Fan' for 8,000 for the domestic use of Raghunath.
June 25 Sold goods for cash of the list price of 8,000 at 10% trade discount and 3% cash
discount.
June 30 Paid Rent 8,000; Trade Expenses 37,000 and Travelling Expenses 3,800.
[Ans. Total *2,54,000.]
Hints: June 4: Goods returned by Nandlal will be valued at $3,600.
June 8: Discount allowed to Nandlal 250.
June 13 : Goods returned to Brij Mohan will be valued at 850.
June 16 : Paid to Brij Mohan 7,344; Discount Received 306.
June 20: Purchase of Table Fan for domestic use will be treated as drawings.
June 25 : Sales 37,200; Cash received 6,984; Discount allowed *216.​

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