Question No 09 Chapter No 5 - D.K Goal Class 11

Question No 09 Chapter No 5

09. Pass journal entries for the following:

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

The solution of Question No 09 Chapter No 5: –

In the Books of Hari Shankar & Co
Date	Particulars		L.F.	Debit	Credit
2019
Jan.6	Purchases A/c	Dr.		45,000
	To Bank A/c *				25,920
	To Discount Received A/c				1,080
	To Henry’s A/c				18,000
	(Being started business with cash, goods, and furniture.)

Jan.15	Purchases A/c	Dr.		1,60,000
	To Bank A/c				1,14,000
	To Discount Received A/c				6,000
	To Amit’s A/c				40,000
	(Being Goods purchased and discount received on cash payment)

Jan.18	Sherpa’s A/c	Dr.		40,000
	To Sales A/c				40,000
	(Being Goods sold to Sherpa on credit)

Jan.23	Bank A/c	Dr.		28,800
	Discount Allowed A/c	Dr.		1,200
	To Sherpa’s A/c				30,000
	(Being cash received from Sherpa in full settlement.)

Jan.25	Garima’s A/c	Dr.		80,000
	To Sales A/c				80,000
	(Being Goods sold to Garima on credit)

Feb.05	Bank A/c	Dr.		19,000
	Discount Allowed A/c	Dr.		1,000
	To Garima’s A/c				20,000
	(Being Cheque received from Garima and allowed cash discount)

Feb.15	Cash A/c**	Dr.		60,000
	To Garima’s A/c				60,000
	(Being Cash received from Garima)

Working Note: –

Calculation of Payment made to Henry*

Calculation of Payment made to Amit**