Give Journal entries for the following: (i) Bought goods at the list p

1.	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.
Answer» 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.

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.

Answer»

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.

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