what is the journal entry for " purchase goods for Rs 200000 less trade discount of 20% and 5% cash discount from ajay for cash and supplied them to shafi at list price less 10% trade discount"

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Solution

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

Purchase A/c
Dr

1,60,000

To Cash A/c

1,52,000

To Discount Received A/c

8,000

(goods purchased list price Rs 2,00,000,trade discount 20%,cash discount 5% )

Shafi A/c
Dr

1,80,000

To Sales A/c

1,80,000

(goods supplied to Shafi Rs 2,00,000, trade discount 10%)

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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.

Record the following transactions in the Journal of Shyam Sunder & Sons :

2017
April 1		Shyam Sunder & Sons started business with Cash ₹75,000; Goods ₹30,000 and Furniture ₹5,000.
2		Sold goods to Bhushan of the list price of ₹10,000 at trade discount of 10%.
5		Bhushan returned goods of the list price of ₹1,000.
10		Received from Bhushan ₹8,000 in full settlement of his account.
12		Purchased Furniture for ₹6,000.
		Purchased goods from Navin for ₹25,000 less trade discount 12%
15		Returned goods to Navin goods of the list price of ₹2,000
16		Cleared the account of Navin by applying cash, under a discount of 5%
17		Sold goods to Ajay ₹10,000 and Vijay ₹16,000.
20		Received cash from Ajay ₹9,800 in full settlement of his account.
		Paid insurance premium ₹750.
22		Paid for Shyam Sunder's Life Insurance Premium ₹1,200.
24		Purchased goods for ₹8,000 for cash at a trade discount of 10% and cash discount of 2%.
25		Received cash from Vijay at a cash discount of 5% in full settlement of his account.
30		Paid Rent ₹800; Advertisement ₹1,000; and Salaries ₹4,000.
30		Received Commission ₹500.

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

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

	Purchase A/c	Dr		1,60,000
	To Cash A/c				1,52,000
	To Discount Received A/c				8,000
	(goods purchased list price Rs 2,00,000,trade discount 20%,cash discount 5% )

	Shafi A/c	Dr		1,80,000
	To Sales A/c				1,80,000
	(goods supplied to Shafi Rs 2,00,000, trade discount 10%)