Give Journal Entries for the following transactions in the books of Ra

Give Journal Entries for the following transactions in the books of Raja Ram & Co. : 2017 March 3 Bought goods for cash of the list price of ₹ 80,000 at 10% trade discount and 212% cash discount. 5 Sold goods for cash of the list price of ₹ 1,00,000 at 15% trade discount and 3% cash discount. 6 Sold goods to Nagpal of the list price of ₹ 50,000 at 20% trade discount. 8 Nagpal returned one-fourth of the above goods. 10 Nagpal settled the account by paying cash under a discount of 5%.

Answer» Give Journal Entries for the following transactions in the books of Raja Ram & Co. :

2017
March 3		Bought goods for cash of the list price of ₹ 80,000 at 10% trade discount and 2 $\frac{1}{2}$ % cash discount.
5		Sold goods for cash of the list price of ₹ 1,00,000 at 15% trade discount and 3% cash discount.
6		Sold goods to Nagpal of the list price of ₹ 50,000 at 20% trade discount.
8		Nagpal returned one-fourth of the above goods.
10		Nagpal settled the account by paying cash under a discount of 5%.