Jounral entries March7 : Purchased goods of `.40,000 from Nutan at a trade discount of 10% and cash discount of 5% and paid half the amount. March23 : Sold all the goods purchased from Nutan on 7-3-2XX8 to Nagin at a profit of 20%. March26 : Out of the goods sold to Nagin on 23-3-2XX8, he returned defective goods of `.6,000, which we returned to Nutan.

Jounral entries March7 : Purchased goods of `.40,000 from Nutan at a

1.	Jounral entries March7 : Purchased goods of `.40,000 from Nutan at a trade discount of 10% and cash discount of 5% and paid half the amount. March23 : Sold all the goods purchased from Nutan on 7-3-2XX8 to Nagin at a profit of 20%. March26 : Out of the goods sold to Nagin on 23-3-2XX8, he returned defective goods of `.6,000, which we returned to Nutan.
Answer» Purchased goods of `.40,000 from Nutan at a trade discount of 10% and CASHDISCOUNT of 5% and PAID HALF the amount.March23 : SOLD all the goods purchased from Nutan on 7-3-2XX8 to Nagin at a PROFIT of20%.March26 : Out of the goods sold to Nagin on 23-3-2XX8, he returned defective goods of

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