Amount paid to a creditor Rs. 20,000, received Cash Discount Rs. 2,000.

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Solution

Creditor's A/c Dr. 22,000
To Cash/Bank A/c 20,000
To Discount received A/c 2,000
(Being the amount paid and cash discount received).

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Asertain the appropriate missing figures by preparing Total Creditors Account from the following information :
Creditors as on March 31, 2018 Rs. 6,000,
Creditors as on March 31, 2017 Rs. 36,000,
Cash paid to creditors Rs. 1,04,400,
Discount allowed by creditors Rs 2,000,
Purchase return Rs. 2,000,
Bills payables accepted Rs. 34,000,
Cheques issued to creditors Rs. 20,000,
Bills receivables endorsed in favour of creditors Rs. 40,000 out of which $25 %$ bills were dishonoured.

Q. A Trial Balance contains the following information: Discount received Rs. 2,000, Provision for discount on creditors Rs.1,600. It is desired to maintain a provision for discount on creditors at Rs. 1,100. The amount to be credited to the Profit and Loss Account is __________.

Journalise the following transaction in the books of Sethi and Brothers for the month of April, 2012.

Balance on 1st April 2012

Cash at Bank Rs 2,00,000, Cash in hand Rs 2,500; Computer & Printer Rs 90,000 Land & Building Rs 1,80,000; Sundry Debtors Rs 15,000; Bills Receivable Rs 10,000; Sundry Creditors Rs 14,000; Bills Payable Rs 5,000.

Transactions during the month of April were as follows:-

2012 April	1	Purchased goods from Meeta worth Rs 40,000 at 10% trade discount and paid 1/4 amount in cash and 1/4 amount by cheque, for which 5% cash discount is allowed.
	4	Purchased shares of Reliance Company Rs 12,000 and 200 paid as brokerage.
	7	Sold goods to Sunil worth Rs 60,000 at 10% Trade Discount and 5% Cash Discount received 1/3 amount in cash and 1/3 amount by cheque and 5% cash discount is allowed.
	11	Paid Telephone Bill of Proprietor’s house Rs 700.
	14	Paid House Rent Rs 1,500.
	20	Received goods as free samples Rs 2,000.
	23	Purchased Furniture Rs 30,000.
	23	Paid carriage Rs 300 on the above furniture.
	25	Goods worth Rs 6,000 were destroyed by fire and Insurance company admitted a claim to the extent of Rs 4,000.
	27	Paid income tax Rs 6,000.
	28	Paid for printing and stationery Rs 2,000.
	29	Transferred Rs 20,000 from private bank of proprietor to business Bank of Maharashtra A/c.
	30	Salaries paid Rs 5,000 in cash and Rs 10,000 by cheque.

Journalise the following transactions in the books of Nana.

Debit balances on 1st April 2012:-

Cash in hand Rs 5,000; Cash at Bank Rs 95,000' Land & Building Rs 2,10,000; Furniture Rs 15,000; Debtors Rs 10,000.

Credit Balances on April 1, 2012:- Creditors Rs 10,000; Bank Loan Rs 28,000.

Transactions during the month of April 2012:-

2012 April	1	Purchased goods worth Rs 30,000 for cash less Trade Discount.
	3	Sold goods to Meena Rs 25,000.
	7	Purchased goods from Seema worth Rs 12,000.
	9	Goods costing Rs 1,100 distributed as free samples.
	12	Received an amount of Rs 1,500 from Vikram which was previously written off as bad.
	14	Purchased goods from Bhushan Rs 30,000 at 10% Trade Discount and paid him 1/3^rd amount in cash after getting 5% cash discount.
	20	Received cash gift Rs 10,000 from Father-in-law with which purchased shares of Infosis Co.
	24	Payment of Bank loan with interest Rs 6,000 [Interest amount Rs 1,500]
	28	Sold goods to Anil Rs 50,000 at 10% trade discount and received half the amount in cash, 5% cash discount allowed.
	29	Paid for Advertisement Rs 5,000.
	30	Withdrew cash Bank for personal purpose Rs 2,000.

Ascertain the appropriate missing figure by preparing the Total Debtors Account from the following information:

Debtors as at March 31, 2018 Rs. 56,000,
Debtors as at March 31, 2017 Rs. 48,000,
Sales returns Rs. 2,000,
Cash received from debtors Rs. 1,49,600,
Bills receivable drawn Rs. 52,000,
Discount allowed Rs. 2,000,
Bad debts Rs. 2,000,
Cheques received from debtors Rs. 20,000,
Bills Receivable dishonoured Rs. 8,000,
Cheques dishonoured Rs. 12,000.

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Amount paid to a creditor Rs. 20,000, received Cash Discount Rs. 2,000.

Creditor's A/c Dr. 22,000 To Cash/Bank A/c 20,000 To Discount received A/c 2,000(Being the amount paid and cash discount received).

Creditor's A/c Dr. 22,000
To Cash/Bank A/c 20,000
To Discount received A/c 2,000
(Being the amount paid and cash discount received).