Question

Q-Sold goods to mohan bros , at a list price of 10000 at 5% T.D and received 9450 in full settlement of his account.Journalize the above transaction

Answer 1

Answer:

Cash A/c Dr. ₹9450

Discount Allow Dr. ₹50

To Sale A/c ₹9500

(Being the Goods sold to Mohan Bros, Costing Rs-10,000 at 5% T.D, Received Rs-9450 in full settlement)

full settlement means the difference of Rs-50 goes to Cash Discount.

Answer 2

Answer:12. Sold goods to Mohan Bros., at a list price of Rs. 10,000 at 5% T.D. and received Rs. 9,450 in full settlement of his account. Journalize the above transaction in our books.

Explanation: