Question

Sold goods costing rs 40000 to ashok at a profit of 25% on cost, less 10% trade discount and charge 8% sales tax and cartage by 200 ( charge to customer) . Pass a journal entry

Answer 1

journalisethe following transaction
1} sold goods for Rs 10,000
2) sold goods to sachin for Rs 20,000
3) sold goods to amitfor Rs 30,000 and payment made by cheque
4) sold goods to atulof the list price of Rs 30,000 at a trade discount of 10% plus vat @5 %
5) sold goods to sunil of the list price of Rs 1,25,000 LESS 20% trade discount and receiveda cheque under a cash discount of 2 % and vat @ 10 %
6) sold goods to sahil of the list price of Rs1,25,000 less 20% trade discount and 2 % cash discount and paid 40% by cheque
7) sold goods costing Rs40,000 to anitafor cash at a profit of 25% on cost less 20 % trade discount and charged 8 % sales tax and paid cartage Rs 100 (not to be charged from customer )
8) sold goods costing Rs40,000 to anilat a profit of 20 % on sales less 20% trade discount and charged 8 % sales tax and paid cartage rs100
9) sachin rejected and returned 10% of goods