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

plz need this answer !!!

Shamreen,
Shailender is partially correct. Some of transactions have been recorded correctly and the recording of remaining transactions has ben shown below

Journal 
Date Particulars L.F. Debit
Amount
Rs
Credit
Amount
Rs
         
 (4) Atul’s A/c Dr.   28,350  
  To Sales A/c     27,000
     To VAT Collected A/c     1,350
         
 (5) Bank A/c  Dr.   1,07,800  
  Discount Allowed A/c Dr.   2,000  
     To Sales A/c     1,00,000
     To VAT Collected A/c     9,800
         
 (6) Bank A/c Dr.   39,200  
  Sahil’s A/c Dr.   60,000  
  Discount Allowed A/c Dr.   800  
     To Sales A/c     1,00,000
         
 (7) Cash A/c Dr.   43,200  
  To Sales A/c     40,000
    To Sales Tax A/c     3,200
         
  Cartage A/c Dr.   100  
     To Cash A/c     100
           
 (8) Cash A/c Dr.   43,300  
  To Sales A/c     40,100
    To Sales Tax A/c     3,200
           
  Cartage A/c Dr.   100  
    To Cash A/c     100
         
           

Working Notes:


  • 30
1. Cash A/c Dr    10,000
       to Sales               10,000

2. Sachin A/c Dr  20,000
       To Sales             20,000

3. Bank A/c Dr     30,000
       To Sales              30,000

4. Atul A/c Dr         28,350  
      To Sales                   27,000
      To VAT payable         1,350

List Price  -                           30,000
Less 10% Trade Discount       3,000
                                              27,000
Add 5% VAT                          1,350
                                              28,350

5. Bank A/c  Dr                1,07,800
    Discount Allowed Dr        2,000
      To Sales                                     1,00,000
      To VAT Payable                              9,800

List Price  -                           1.25,000
Less 20% Trade Discount       25,000
                                              1,00,000
Less 2% Cash Discount             2,000
                                                 98,000
Add 10% VAT                           9,800
                                               1,07,800
                                             
6. Bank A/c Dr                       39,200
    Sahil A/c Dr                       58,800
    Discount Allowed A/c Dr    2,000
       To Sales                                       1,00,000
      
List Price  -                           1.25,000
Less 20% Trade Discount       25,000
                                              1,00,000
Less 2% Cash Discount             2,000
                                                 98,000
40%of 98,000 (Bank)              39,200
Balance (Sahil as Debtor)       58,800

7. Cash A/c Dr         43,200
         To Sales                      40,000
          To VAT Payable           3,200

7a. Cartage A/c Dr     100
         To Cash                    100
Combined Entry can be
 Cash A/c Dr         43,100
Cartage A/c Dr           100
      To Sales                       40,000
      To VAT Payable            3,200

Cost Price -                            40,000
Add 25% Profit                      10,000
                                               50,000
Less 20% Trade Discount      10,000
                                               40,000
Add 8% VAT                           3,200
                                               43,200

8. Anil A/c Dr.       41,472
       To Sales A/c                 38,400
       To VAT Payable A/c       3,072 

8a  Anil A/c Dr   200
          To Cash            200     
Cost Price -                            40,000
Add 20% Profit                       8,000
                                               48,000
Less 20% Trade Discount        9,600
                                               38,400
Add 8% VAT                           3,072
                                               41,472

9. Sales Return A/c Dr        2,000
       To Sachin                         2,000
  • 22
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