Question

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.

Answer 1

Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
(i)	Purchase A/c	Dr.		16,000
	To Bank A/c				16,000
	(Goods purchased from Vishal by cheque)
(ii)	Purchase A/c	Dr.		17,000
	To Cash A/c				17,000
	(Goods purchased from Naman for cash)
(iii)	Purchase A/c	Dr.		24,000
	To Amrit				24,000
	(Goods purchased from Amrik on credit)
(iv)	Purchase A/c	Dr.		35,000
	To Cash A/c				35,000
	(Goods purchased for cash)
(v)	Amrit	Dr.		8,000
	To Purchase Returns A/c				8,000
	(Goods returned by Amrik)
(vi)	Bank A/c	Dr.		36,000
	To Sales A/c				36,000
	(Goods sold to Parul by cheque)
(vii)	Cash A/c	Dr.		27,000
	To Sales A/c				27,000
	(Goods sold to Aman for cash)
(viii)	Pawan	Dr.		18,000
	To Sales A/c				18,000
	(Goods sold to Pawan on credit)
(ix)	Yamini	Dr.		23,000
	To Sales A/c				23,000
	(Goods sold to Yamini on credit)
(x)	Bhupesh	Dr.		10,800
	To Sales A/c				10,800
	(Goods sold to Bhupesh on credit)
(xi)	Bank A/c	Dr.		47,812.50
	To Sales A/c				47,812.50
	(Goods sold against cheque)
(xii)	Sales Returns A/c	Dr.		9,000
	To Aman				9,000
	(Goods returned by Aman )

Working Notes:

WN1: Calculation of Sales price

Sales Price = $(10,000+20\%=12,000-10\%)=\text{Rs 10,800}$

WN 2: Calculation of Purchase price and Sales price

$\begin{array}{l}\text{Purchase Price =}(50,000-15\%)\text{Rs 42,500}\\ \text{Sales Price =}(42,500+25\%=53,125-10\%)=\text{Rs 47,812.5}\end{array}$