Plez send some journal entries for trade discount and cash discount..
Dear Student,
Here are some journal entries for Trade discount and Cash Discount,
You can solve it , & send us solution so that we can check whether you did correct or not.
1. Pass Journal entries in the books of Raghunath from the following transactions:-
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 of the list price of Rs, 8,000 at 10% trade discount and 3% cash discount.
June 30 Paid Rent Rs. 800; Trade Expense Rs. 700 and Travelling Expenses Rs. 380.
Regards.
Here are some journal entries for Trade discount and Cash Discount,
You can solve it , & send us solution so that we can check whether you did correct or not.
1. Pass Journal entries in the books of Raghunath from the following transactions:-
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 of the list price of Rs, 8,000 at 10% trade discount and 3% cash discount.
June 30 Paid Rent Rs. 800; Trade Expense Rs. 700 and Travelling Expenses Rs. 380.
Regards.