Write the Journal entries for followings:-
5 April- Paid salary ₹30,000 , rent ₹10,000 and wages ₹8,000 by cheque.
7 April- Purchased goods from Hari for ₹30,000 at 10% trade discount and 2% cash discount. Payment was made immediately.
15 April- Paid to Raju ₹5000 in cash and ₹7,000 by cheque.
18 April- Goods sold to Roma for ₹5,000 at 20% trade discountand 3% cash discount. Half of the payment was received immediately.
20 April- Goods sold to Ramesh for ₹8000 . He paid ₹5000 by cheque immediately.
25 April- Additional capital introduced as: cash ₹10,000 and Delivery Van ( Personal Asset ) of ₹50,000.
26 April- Cash Paid to Anil ₹975. Discount received ₹25.
30 April- Paid to Raju ₹1,000 in cash and ₹2,000 by cheque.
30 April- Paid ₹4,800 to Mohan in settlement of his account for ₹5,000.
Answers
Journal Book
April 5 :
Salary A/c . . . Dr ₹30,000
Rent A/c . . . Dr ₹10,000
Wages A/c . . . Dr ₹8,000
- To bank A/c ₹48,000
__________________________________
April 7 :
Purchases A/c . . . Dr ₹27,000
- To cash A/c ₹26,460
- To discount received A/c ₹540
( Being goods purchased for cash )
★ Working Note :-
• Calculating trade discount :
Trade discount = 10 % of ₹30,000
Trade discount = 10/100 x ₹30,000
Trade discount = ₹3,000
• Price after deducting trade discount:
Price = ₹30,000 - ₹3,000 = ₹27,000
• Calculating cash discount:
Cash discount = 2 % of ₹27,000
Cash discount = 2/100 x ₹27,000
Cash discount = ₹540
• Price after deducting cash discount:
Price = ₹27,000 - ₹540 = ₹26,460
[ We don't mention trade discount in accounting books, only cash discount needs to be mentioned ]
___________________________________
April 15 :
Raju . . . Dr ₹12,000
- To Cash A/c ₹5,000
- To Bank A/c ₹7,000
( Being cash paid to Raju )
___________________________________
April 18 :
Roma's A/c . . . Dr ₹2,000
Cash A/c . . . Dr ₹1,940
Discount allowed A/c . . . Dr ₹60
- To sales A/c ₹4,000
( Being goods sold to Roma )
★ Working Note :-
• Calculating Trade Discount :
Trade discount = 20% of ₹5,000
Trade discount = 20/100 x ₹5,000
Trade discount = ₹1,000
• Price after deducting trade discount :
Price = ₹5,000 - ₹1,000 = ₹4,000
• Calculating cash discount for the received amount :
Cash discount = 3% of ₹2,000
Cash discount = 3/100 x ₹2,000
Cash discount = ₹60
• Price after deducting cash discount :
Price = ₹2,000 - ₹60 = ₹1,940
[ Cash discount is only allowed on the cash payment. Since only half of the amount is received, we will provide cash discount only on half of the selling price. ]
__________________________________
April 20 :
Bank A/c . . . Dr ₹5,000
Ramesh . . . Dr ₹3,000
- To sales A/c ₹ 8,000
( Being goods sold to Ramesh and ₹5,000 is received immediately by cheque )
_________________________________
April 25 :
Cash A/c . . . Dr ₹10,000
Delivery van A/c . . . Dr ₹50,000
- To capital A/c ₹60,000
( Being additional capital introduced as delivery van and cash )
_________________________________
April 26 :
Anil . . . Dr ₹1,000
- To cash A/c ₹975
- To discount received A/c ₹25
( Being cash paid to Anil )
_________________________________
April 30 :
Raju's A/c . . . Dr ₹3,000
- To cash A/c ₹1,000
- To bank A/c ₹2,000
( Being amount paid to Raju )
__________________________________
April 30 :
Mohan's A/c . . . Dr ₹5,000
- To cash A/c ₹4,800
- To discount received A/c ₹200
( Being amount paid to Mohan in full settlement )
Important Information : Whenever a transaction is settled with less amount on account, we assume the remaining amount as cash discount.
_________________________________
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Answer:
Explanation:
05/04 SALARY A/C DR 30,000
RENT A/C DR 10,000
WAGES A/C DR 8,000
TO BANK A/C 48,000
( PAID SALARY,RENT,WAGES
BY CHEQUE)
07/04 PURCHASE A/C DR 27,000
TO HARI A/C 26,460
TO DISOUNT A/C 540
(PURCHASE GOODS FROM HARI
AT AISCOUNT OF 10% AND A
CASH DISCOUNT OF 2%)
15/04 RAJU A/C DR 12,000
TO CASH A/C 5,000
TO BANK A/C 7,000
( PIAD CASH TO RAJU BY CASH
5,000 & 7,000 BY CHEQUE)
20/04 RAMESH A/C DR 8,000
BANK A/C DR 5,000
TO SALES 13,000
( SOLD GOODS TO RAMESH
AND PAID 5000 ON CASH
AND 8000 ON CREDIT)
26/04 ANIL A/C DR 975
TO CASH A/C 950
TO DISCOUNT 25
( CASH PAID TO ANIL AND RECEIVED
DISCOUNT 25/-)
30/04 RAJU A/C DR 3,000
TO CASH A/C 2,000
TO BANK A/C 1,000
(PAID TO RAJU BY CASH AND CHEQUE)
30/04 MOHAN A/C DR 5,000
TO CASH A/C 4,800
TO DISCOUNT 200
( PAID CASH TO MOHAN AND
RECEIVED DISCOUNT)