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Cost Price and Selling Price

Journalise th...

Question

Journalise the following transactions:
(a) Goods destroyed by Fire for ₹ 5,000.
(b) Paid by cheque ₹ 25,000 as wages on installation of a Machinery.
(c) Issued a cheque in favour of M/s Parmatma Saran & Sons on account of purchase of goods ₹ 75,000.
(d) Goods sold costing ₹ 60,000 to M/s Kalu Sons at an invoice price 10% above cost less 5% Trade discount.

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Solution

Journal
In the Books of …

Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs)

(a) Loss by Fire A/c Dr. 5,000

To Purchases A/c
5,000

(Goods destroyed by fire)

(b) Machinery A/c Dr. 25,000

To Cash A/c
25,000

(Wages paid for installation of machinery)

(c) Purchases A/c Dr. 75,000

To Bank A/c
75,000

(Cheque issued for purchase of goods)

(d) M/s Kalu & Sons (WN) Dr. 62,700

To Sales A/c
62,700

(Goods sold to M/s Kalu & Sons on credit)

TOTAL 1,67,700 1,67,700

Working Notes: Calculation of goods sold to M/s Kalu & Sons

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