Question

Record the following transactions in the journal.

a. Bought goods list price of ₹20,000 from Vivek less 25% trade discount and 2% cash

discount. 60% paid in cash immediately and the rest later on.

b. Sold goods to Bobby of list price ₹ 50,000 less 20% trade discount and 5% cash discount.

75% payment was received in cash and immediately deposited in Bank.

c. A debtor ₹ 10,000 Ravi is declared insolvent. Received 25% from his estate in final

settlement.

d. Goods of ₹5,000 were lost by fire. Goods were fully insured and the insurance company

admitted the claim for 80% only.​

Answer 1

Answer:

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Explanation:

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