Question

Tell me the journal entries of the following

1. Received from Dev in full settlement of his account
2. Received cash from Ram and discount allowed
3. Sold goods to Varun of the list price of Rs 25,000 at 20 % trade discount.
Please tell this very urgent.

Answer 1

Answer:

Acount name Debit. Credit

Cash Account receivable 25000 2500

Cost of Sold goods discount

20%. 20%

Answer 2

Answer :

1. Received from Dev in full settlement of his account

Ans :- Received A/C               Dr

          Discount allowed A/C

               To Dev's A/C

( Received from Dev in full settlement of his account)

                                                                                                                           

2. Received cash from Ram and discount allowed

Ans :-  Cash A/C       DR

           Discount allowed A/C

               To Ram's A/C

( Received cash from Ram and discount allowed)

                                                                                                                             

3. Sold goods to Varun of the list price of Rs 25,000 at 20 % trade discount.

Ans :- Sales A/C        DR

           Trade discount allowed A/C

                    To Varun's A/C

(Sold goods to Varun of the list price of Rs 25,000 at 20 % trade discount)