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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.
By BYJU'S Exam Prep
Updated on: September 25th, 2023
Given, that goods are bought at a list price of Rs. 50,000 from Vinod less 20% trade discount and 2% cash discount and paid 40% by cheque
Goods are sold to Mohan at the list price of Rs. 1,00,000 less 20% trade discount and 2% cash discount and paid 50% by cheque.
Income tax paid through cheque by 40%
|
Date |
Particulars |
LF |
Debit |
Credit |
|
(i) |
Purchase A/c To Vinod’s A/c Dr. To Bank A/c To Discount A/c (Goods Purchased from Vinod at 20% trade discount and 2% cash discount) |
40,000 |
26,000 15,680 320 |
|
|
(ii) |
Purchase A/c To Mohan’s A/c Dr. To Bank A/c To Discount A/c (Goods Purchased from Mohan at 20% trade discount and 2% cash discount) |
80,000 |
40,000 39,200 800 |
|
|
(iii) |
Drawings A/c Dr. To Bank A/c (Income tax paid) |
2,000 |
2,000 |
Summary:
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 a list price of 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.
The general entries for the following are mentioned above.
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