Q. 9. Pass Journal entries in the books of Raghunath Bros. from the following
transactions :-
2016
June 1 Raghunath Bros. started business with cash 180,000; Goods 40,000 and
furniture 20,000.
June 2 Sold goods to Nandlal of the list price of $20,000 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 5,000; Sunil *10,000.
June 19 Paid cash to Anil *1,900 and discount received *100.
June 20 Paid 19,800 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.
Answers
Answer:
Answer:
Let us first Recall the journal rules
Golden Rules of Journal
Personal account rule
Debit- The receiver.
Credit- The giver.
Real account rule
Debit- What comes in.
Credit- What goes out.
Nominal account rule
Debit- All expenses and losses.
Credit- All incomes and gains.
Now
The journal entries will be
June 1 Cash A/C DR ₹ 80,000
Purchases A/C DR ₹ 40,000
Furniture A/C DR ₹ 20,000
To Capital A/c ₹ 1,40,000
(Being business started with Cash, Goods & Furniture)
June 2 Nandlal A/C DR ₹ 18,000
To Sales A/C ₹ 18,000
(Being goods sold less trade discount)
June 4 Sales Return A/C DR ₹ 3,600
To Nandlal's A/C ₹ 3,600
(Being Goods returned by Nandlal of the list price of Rs. 4,000)
June 8 Cash A/C DR ₹ 14,150
Discount Received A/C DR ₹ 250
To Nandlal 's A/C ₹ 14,140
(For cash received and discount allowed)
June 10 Purchases A/C DR ₹ 8,500
To Brij Mohan's A/C ₹ 8,500
Answer:
thanks for free points..