Question

Journalise the following transactions in the books of Bhushan Agencies:
(i) Received from Bharat cash ₹ 20,000, allowed him discount of ₹ 500.
(ii) Received from Vikas ₹ 35,000 by cheque, allowed him discount of ₹ 750.
(iii) Received from Akhil ₹ 38,000 in settlement of his dues of ₹ 40,000 in cash.
(iv) Received from Amrit ₹ 50,000 by cheque on account against dues of ₹ 60,000.
(v) Paid cash ₹ 40,000 to suresh, availed discount of 2%.
(vi) Paid by cheque ₹ 25,000 to Mehar and settled her dues of ₹ 26,000.
(vii) Paid ₹ 25,000 to Yogesh by cheque on account.
(viii) Purchased goods costing ₹ 1,00,000 against cheque and availed discount of 3%.
(ix) Purchased goods costing ₹ 60,000 from Akash & Co., paid 50% immediately availing 3% discount.
(x) Sold goods of ₹ 30,000 against cheque allowing 2% discount.
(xi) Sold goods of ₹ 60,000 to Vimal received 50% of due amount allowing 2% discount.

Answer 1

Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
(i)	Cash A/c	Dr.		20,000
	Discount Allowed A/c	Dr.		500
	To Bharat				20,500
	(Payment received from Bharat)
(ii)	Bank A/c	Dr.		35,000
	Discount Allowed A/c	Dr.		750
	To Vikas				35,750
	(Payment received from Vikas)
(iii)	Cash A/c	Dr.		38,000
	Discount Allowed A/c	Dr.		2,000
	To Akhil				40,000
	(Payment received from Akhil)
(iv)	Bank A/c	Dr.		50,000
	To Amrit				50,000
	(Payment received from Amrit)
(v)	Suresh	Dr.		40,000
	To Cash A/c				39,200
	To Discount Received A/c				800
	(Payment made to Suresh)
(vi)	Mehar	Dr.		26,000
	To Bank A/c				25,000
	To Discount Received A/c				1,000
	(Payment made to Meher)
(vii)	Yogesh	Dr.		25,000
	To Bank A/c				25,000
	(Payment made to Yogesh)
(viii)	Purchases A/c	Dr.		97,000
	To Bank A/c				97,000
	(Goods bought against cheque)
(ix)	Purchases A/c	Dr.		60,000
	To Akash & Co.				30,000
	To Cash A/c				29,100
	To Discount Received A/c				900
	(Goods bought from Akash & Co.)
(x)	Bank A/c	Dr.		29,400
	To Sales A/c				29,400
	(Goods sold against cheque)
(xi)	Vimal	Dr.		30,000
	Cash A/c	Dr.		29,400
	Discount Allowed A/c	Dr.		600
	To Sales A/c				60,000
	(Goods sold to Vimal)