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Byju's Answer
Standard XI
Accountancy
Cash Discount & Trade Discount
Give Journal ...
Question

Give Journal entries for the following:

(i) Bought goods at the list price of Rs.50,000 from Vinod less 20% trade discount and 2% cash discount and paid 40% by cheque.

(ii) Sold goods to Mohan at list price Rs.1,00,000 less 20% trade discount and 2% cash discount and paid 50% by cheque.

(iii) Paid income tax through cheque Rs.2,000.

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Solution

In the books of...

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Q.

Journalise the following transactions in the books of Shrinath Apte.
(i) Opened bank account with PNB Rs. 10,000.
(ii) Cash sent to bank Rs. 50,000.
(iii) Bought shares in 'Birla Ltd' for Rs. 5000 and brokerage paid @ 2%. The Payment is made by cheque.
(iv) A received cheque for Rs. 1,56,000 from John in full settlement of his account of Rs. 1,60,000.
(v) Paid Rs. 1,78,000 to Smith in full settlement of Rs. 1,80,000 Due to him by cheque.
(vi) A cheque from a customer amounted to Rs. 5,000 deposited in the bank was returned dishonoured.
(vii) Bought furniture for office use by cheque for Rs. 18,000.
(viii) Sold goods to Kaushal of the list price of Rs. 12,500 less 20% trade discount and 2%cash discount and paid 40%by cheque.
(ix) Sold goods to Kaushal of the list price of Rs. 1,25,000 less 20% trade discount and received data cheque under a cash discount of 2%

Q. Pass journal entries for the following:
2019
Jan. 6 Purchased goods from Henry for ₹ 50,000 on 10% trade discount and 4% cash discount and paid 60% amount by cheque.
Jan. 15 Bought goods from Amit for ₹ 2,00,000 at terms 5% cash discount and 20% trade discount. Paid 3/4th of the amount in cash at the time of purchase.
Jan. 18 Sold goods to Sherpa at the list price of ₹ 50,000 less 20% trade discount and 4% cash discount if the payment is made within 7 days. 75% payment is received by cheque on Jan. 23rd.
Jan. 25 Sold goods to Garima for ₹ 1,00,000, allowed her 20% trade discount and 5% cash discount if the payment is made within 15 days. She paid 1/4th of the amount by cheque on Feb. 5th and 60% of the remainder on Feb.15th in cash
Q. Journalise the following transactions in the books of M/s. R.K. & Co.:
(i) Purchased goods of list price of ₹ 20,000 from Vishal at 20% trade discount against cheque payment.
(ii) Purchased goods of list price of ₹ 20,000 from Naman at 15% trade discount against cash.
(iii) Purchased goods of list price of ₹ 30,000 from Amrit at 20% trade discount.
(iv) Purchased goods of list price of ₹ 40,000 for ₹ 35,000 for cash.
(v) Goods returned of list price ₹ 10,000 purchased from Amrit.
(vi) Sold goods to Parul of list price of ₹ 40,000 at 10% trade discount against cheque payment.
(vii) Sold goods to Aman of list price of ₹ 30,000 at 10% trade discount against cash.
(viii) Sold goods to Pawan of list price of ₹ 20,000 at 10% trade discount.
(ix) Sold goods to Yamini of list price of ₹ 25,000 for ₹ 23,000.
(x) Sold goods costing ₹ 10,000 at cost plus 20% less 10% trade discount to Bhupesh.
(xi) Sold goods purchased at list price of ₹ 50,000 less 15% trade discount sold at a profit of 25% less 10% trade discount against cheque.
(xii) Aman returned goods of list price of ₹ 10,000 sold to him at 10% trade discount.
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