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Question

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.

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Solution

Journal

In the books of Shyam Sunder & Sons


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