Question

Question 3.
Journalise the following transactions in the books of M/s. R.K. & Co.
(i) Purchased goods at list price of ₹ 20,000 from Vishal at 20% trade discount against cheque payment.
(ii) Purchased goods at list price of ₹ 20,000 from Naman at 15% trade discount against cash.
(iii) Purchased goods at list price of ₹ 30,000 from Amrit at 20% trade discount.
(iv) Purchased goods at list price of ₹ 40,000 for ₹ 35,000 for cash.
(v) Goods returned of list price ₹ 10,000 purchased from Amrit.
(vi) Sold goods to Parul at list price of ₹ 40,000 at 10% trade discount against cheque payment.
(vii) Sold goods to Aman at list price of ₹ 30,000 at 10% trade discount against cash.
(viii) Sold goods to Pawan at list price of ₹ 20,000 at 10% trade discount.
(ix) Sold goods to Yamini at list price of ₹ 25,000 for ₹ 23,000.
(x) Sold goods costing ₹ 10,000 at cost plus 20% less 10% trade discount to Bhupesh.
(xi) Sold goods purchased at list price of ₹ 50,000 less 15% trade discount sold at a profit of 25% & 10% trade discount against cheque.
(xii) Aman returned goods of list price of ₹ 10,000 sold to him at 10% trade discount.

Answer 1

Journal Entries for the given transactions

Explanation:

                                       In The Books of M/s RK & Co.

Journal Entries:

i) Purchases A/c     Dr. Rs.16,000

           To Bank A/c         Rs.16,000

 (Being goods purchased from Vishal with 20% Trade discount via cheque)

ii) Purchases A/c   Dr. Rs.17,000

         To Cash A/c           Rs.17,000

(Being goods purchased from Naman with 15% Trade discount via cash)

iii) Purchases A/c   Dr. Rs.24,000

           To Amrit A/c         Rs.24,000

(Being goods purchased from Amrit on credit with 20% Trade discount)

iv) Purchases A/c    Dr. Rs.40,000

           To Discount Received A/c Rs.5,000

           To Cash A/c                         Rs.35,000

(Being goods purchased via cash and discount received)

v) Amrit A/c          Dr. Rs.10,000

          To Purchase Returns A/c   Rs.10,000

(Being goods returned to Amrit)

vi) Bank A/c   Dr. Rs.36,000

            To Sales A/c     Rs.36,000

(Being goods sold to Parul @ 10% trade discount via cheque)

vii) Cash A/c   Dr. Rs.27,000

          To Aman A/c    Rs.27,000

(Being goods sold to Aman @10% trade discount)

viii) Pawan A/c  Dr. Rs.18,000

          To Sales A/c      Rs.18,000

(Being goods sold to Pawan on credit)

ix) Yamini A/c   Dr. Rs.23,000

  Discount Allowed A/c Dr. Rs.2,000

               To Sales A/c                       Rs.25,000

(Being goods sold to Yamini on credit and discount allowed)

x) Bhupesh A/c    Dr. Rs.10,800

        To Sales A/c          Rs.10,800

 (Being goods sold to Bhupesh at cost plus 20% and trade discount@10% on credit)

xi) Bank A/c     Dr. Rs.47812.5

         To Sales A/c       Rs.47812.5

 (Being goods sold via bank at cost plus 25% and trade discount@10%)

xii) Sales Returns A/c   Dr. Rs.10,000

           To Aman A/c                 Rs.10,000

(Being goods returned by Aman and recorded at cost)