Question 4.
Journalise the following transactions in the books of Bhushan Agencies:
(i) Received from Bharat cash ₹ 20,000, allowed him discount of ₹ 500.
(ii) Received from Vikas ₹ 35,000 by cheque, allowed him discount of ₹ 750.
(iii) Received from Akhil ₹ 38,000 in settlement of his dues of ₹ 40,000 in cash.
(iv) Received from Amrit ₹ 50,000 by cheque on account against dues of ₹ 60,000.
(v) Paid cash ₹ 40,000 to suresh, availed discount of 2%.
(vi) Paid by cheque ₹ 25,000 to Mehar and settled her dues of ₹ 26,000.
(vii) Paid ₹ 25,000 to Yogesh by cheque on account.
(viii) Purchased goods costing ₹ 1,00,000 against cheque and availed discount of 3%.
(ix) Purchased goods costing ₹ 60,000 from Akash & Co., paid 50% immediately availing 3% discount.
(x) Sold goods of ₹ 30,000 against cheque allowing 2% discount.
(xi) Sold goods of ₹ 60,000 to Vimal received 50% of due amount allowing 2% discount.
Answers
The entries are Journalised below. Hope it will help you.
Explanation:
(i) Cash A/c Dr. 20000
Discount Allowed Dr. 500
To Bharat A/c 20500
(ii) Bank A/c Dr. 35000
Discount Allowed Dr. 750
To Vikas A/c 35750
(iii) Cash A/c Dr. 38000
Discount Allowed Dr. 2000
To Akhil A/c 40000
(iv) Bank A/c Dr. 50000
Discount Allowed Dr. 10000
To Amrit A/c 60000
(v) Suresh A/c Dr. 40000
To Cash A/c 39200
To Discount received 800
(vi) Meher A/c Dr. 26000
To Bank A/c 25000
To discount received 1000
(vii) Yogesh A/c Dr. 25000
To Bank A/c 25000
(viii) Purchase A/c Dr. 100000
To Bank A/c 97000
To Discount 3000
(ix) Purchase A/c Dr. 60000
To Cash A/c 29100
To Discount A/c 900
To Akash A/c 30000
(x) Bank A/c Dr. 29400
Discount A/c Dr. 600
To Sales A/c 30000
(xi) Cash A/c Dr. 29400
Vimal A/c Dr. 30000
Discount A/c Dr. 600
To Sales A/c 60000
Answer:
I hope this is useful for you...
