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 Shivank Goel|Updated : August 17th, 2022

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.

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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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