Select the correctly matched pairs from the following. Hint: Traders - Their merchandise.

European traders - Silk

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Indian traders - Wine

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Chinese traders - Silk

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Arabian traders - Scents

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Solution

The correct options are
C Chinese traders - Silk
D Arabian traders - Scents
Traders from Europe bought spices from Indian traders, silk from Chinese traders, and fruits and scents from Arabian traders, in exchange for gold and silver. In turn, the Asians bought wine from the European traders.

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Q. Bansal Traders allow a trade discount of 10% on the list price of the goods purchased from them. Mohan traders, who runs a retail shop made the following purchases from Bansal Traders.

Date	Amount Rs
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Dec.26, 2016	1,200
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For all the purchases Mohan Traders drew promissory note in favour of Bansal Traders payable after 30 days. The promissory note for the sale of Dec. 21, 2016 was retained by Bansal Traders with them till the date of its maturity. The promissory note drawn on 26.12.2016 was discounted by Bansal Traders from their bank at 12% p.a. The promissory note drawn on Dec. 28, 2016 was endorsed by Bansal Traders in favour of their creditor Dream Soaps in full settlement of a purchase amounting to Rs 1,900. On 25.1.2017 Bansal Traders sent the promissory note drawn on Dec. 31, 2016 to their bank for collection. All the promissory notes were met by Mohan Traders. Record the necessary journal entries for the above transactions in the books of Bansal Traders and Mohan Traders and prepare Mohan Traders account in the books of Bansal Traders and Bansal Traders account in the books of Mohan Traders.

Bansal Traders allow a trade discount of 10% on the list price of the goods purchased from them. Mohan traders, who run a retail shop made the following purchase from Bansal Traders.

Date Amt. (Rs)

Dec 21, 2005 1,000

Dec 26, 2005 1,200

Dec 18, 2005 2,000

Dec 31, 2005 5,000

For all the purchase, Mohan Traders drew a promissory note in favour of Bansal Traders payable after 30 days. The promissory note for the sale of December 21, 2010, was retained by Bansal Traders with them till the date of its maturity. The promissory note drawn on 26.12.2010 was discounted by Bansal Traders from their bank at 12% per annum. The promissory note drawn on December 28, 2010, was endorsed by Bansal Traders in favour of their creditor Dream Soaps in full settlement of a purchase amounting to Rs. 1,900. On 25.01.2011, Bansal Traders sent the promissory note drawn on December 31, 2010, to their bank for collection.

All the promissory notes were met by Mohan Traders. Record the necessary journal entries for the above transactions in the books of Bansal Traders and Mohan Traders and prepare Mohan Traders account in the books of Bansal Traders and Bansal Traders account in the books of Mohan Traders.

Q. Which organization was established by European traders in China?

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Select the correctly matched pairs from the following. Hint: Traders - Their merchandise.

The correct options are C Chinese traders - Silk D Arabian traders - ScentsTraders from Europe bought spices from Indian traders, silk from Chinese traders, and fruits and scents from Arabian traders, in exchange for gold and silver. In turn, the Asians bought wine from the European traders.

The correct options are
C Chinese traders - Silk
D Arabian traders - Scents
Traders from Europe bought spices from Indian traders, silk from Chinese traders, and fruits and scents from Arabian traders, in exchange for gold and silver. In turn, the Asians bought wine from the European traders.