Question

Q16 Journalise the following transaction:​

Answer 1

Answer:

1)Cash a/c. dr 7500

Bad debt a/c dr 2500

to shyam a/c. 10000

(Being cash received and bad debt recorded)

2) Cash a/c. dr 5000

to bad debt recovered a/c. 5000

(Being bad debt recovered)

3) Rent a/c. dr 8000

to outstanding rent a/c. 8000

(Being rent due)

4) Salary a/c. dr 10000

to outstanding Salary a/c 10000

(Being Salary due)

5) Purchase a/c. dr 100000

to creditor a/c. 100000

(Being goods purchase)

Creditor a/c. dr 10000

to cash a/c. 10000

(Being paid cash)

6) *Cash a/c. dr 3888

to sales a/c 3888

(Being goods sale)

*Working note

Cost of good=3600

Issued invoice price=20%

3600×20/100

=720

3600+720=4320

Trade discount=10%

4320×10/100

=432

4320-432=3888

Hope it helps you

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