Question

Journalise the following transactions in the books of M/s. R.K. & Co.
(i) Purchased goods at list price of Rs. 20,000 from Vishal at 20% trade discount against cheque payment.
(ii) Purchased goods at list price of Rs. 20,000 from Naman at 15% trade discount against cash.
(iii) Purchased goods at list price of Rs. 30,000 from Amrit at 20% trade discount.
(iv) Purchased goods at list price of Rs. 40,000 for Rs. 35,000 for cash.
(v) Goods returned of list price Rs. 10,000 purchased from Amrit.
(vi) Sold goods to Parul at list price of Rs. 40,000 at 10% trade discount against cheque payment.
(vii) Sold goods to Aman at list price of Rs. 30,000 at 10% trade discount against cash.
(viii) Sold goods to Pawan at list price of Rs. 20,000 at 10% trade discount.
(ix) Sold goods to Yamini at list price of Rs. 25,000 for Rs. 23,000.
(x) Sold goods costing Rs. 10,000 at cost plus 20% less 10% trade discount to Bhupesh.
(xi) Sold goods purchased at list price of Rs. 50,000 less 15% trade discount sold at a profit of 25% & 10% trade discount against cheque.
(xii) Aman returned goods of list price of Rs. 10,000 sold to him at 10% trade discount.

Answer 1

Working Notes:
1. Calculation of Sales Price
Sales Price = Goods Sold + Cost – trade discount
Sales Price = 10,000 + 20% – 10% = Rs. 10,800
2. Calculation of Purchase and sales Price
Purchase Price = Purchases goods – Trade Discount
Purchase Price = 50,000 – 15% = Rs.42,500
Sales Price = Goods Sold + Profit – trade discount
Sales Price = 42,500 + 25% – 10% = Rs.47,812.50