Question

Enter the following transaction in the Journal of Marutinandan Stores:

2017
Jan. 10		Purchased goods from Ghanshyam of the list price of ₹ 50,000 at 15% trade discount.
13		Returned goods to Ghanshyam of the list price of ₹ 2,000.
15		Paid cash to Ghanshyam ₹ 40,000 in full settlement of his account.
20		Purchased goods from Raghu of the list price of ₹ 60,000 at 10% trade discount.
22		Returned goods to Raghu of the list price of ₹ 5,000.
25		Paid cash to Raghu ₹ 49,000 in full settlement of his account.

Answer 1

Journal In the Books of Marutinandan Stores
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
2017
Jan. 10	Purchases A/c	Dr.		42,500
	To Ghanshyam’s A/c				42,500
	(Goods purchased at 15% trade discount)
Jan. 13	Ghanshyam’s A/c	Dr.		1,700
	To Purchases Return A/c				1,700
	(Goods returned to Ghanshyam deducting trade discount of 15%)
Jan. 15	Ghanshyam’s A/c	Dr.		40,800
	To Cash A/c				40,000
	To Discount Received A/c				800
	(Cash paid to Ghanshyam in full settlement of his account)
Jan. 20	Purchases A/c	Dr.		54,000
	To Raghu’s A/c				54,000
	(Goods purchased from Raghu at trade discount of 10%)
Jan. 22	Raghu’s A/c	Dr.		4,500
	To Purchases Return A/c				4,500
	(Goods returned to Raghu deducting trade discount of 10%)
Jan. 25	Raghu’s A/c	Dr.		49,500
	To Cash A/c				49,000
	To Discount Received A/c				500
	(Cash paid to Raghu in full settlement of his account)
				1,93,000	1,93,000