Question

Sold goods of Rs 50000 at 10% trade discount and 10% cash discount to Raj and received 50% by cheque and 20% by cash journal entry​

Answer 1

Answers:

1994 June 1 Raghunath started business with cash Rs. 80,000, Goods Rs. 40,000 and Furniture Rs. 20,000 June 2 Sold goods to Nandlal of the list price of Rs. 20,000 at trade discount of 10% June 4 Nandlal returned goods of the list price of Rs. 4,000 June 8 Received from Nanlal Rs. 14,150 in full settlement in his account. June 10 Purchased goods from Brij Mohan of the list price of Rs. 10,000 at 15% Trade discount June 13 Returned goods to Brij Mohan of the list price of Rs. 1,000 June 16 Settled the account of Brij Mohan by paying cash, under discount of 4% June 18 Purchased goods from Anil Rs. 5,000; Sunil Rs. 10,000. June 19 Paid cash to Anil Rs. 1,900 and discount received Rs. 100 June 20 Paid Rs. 9,800 to Sunil in full settlement of his account. June 20 Bought a ‘Table Fan’ for Rs. 1,200 for the domestic use of Raghunath. June 25 Sold goods for cash