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8.10 Double Entry Book Keeping—CBSE XI

3. Journalise the following transactions in the books of M/s. Consolidated Sales:
(i) Purchased goods of list price of ` 50,000 from Rahul at 20% trade discount.

(ii) Purchased goods of list price of ` 25,000 from Vikas at 20% trade discount
against cheque payment.
(iii) Purchased goods of list price of ` 25,000 from Nitin at 15% trade discount
against cash.
(iv) Purchased goods of list price of ` 40,000 for ` 35,000 for cash.
(v) Goods returned of list price ` 10,000 purchased from Rahul.
(vi) Sold goods to Amit at list price of ` 10,000 at 10% trade discount.

(vii) Sold goods to Raman at list price of ` 20,000 at 10% trade discount against
cheque payment.
(viii) Sold goods to Akash at list price of ` 15,000 at 10% trade discount against
cash.
(ix) Sold goods to Yogesh at list price of ` 15,000 for ` 14,000.
(x) Sold goods costing ` 10,000 at cost plus 20% profit less 10% trade discount
to Sujit.
(xi) Sold goods purchased at list price of ` 25,000 less 15% trade discount sold at
a profit of 20% less 10% trade discount against cheque.
(xii) Akash returned goods of list price ` 5,000 sold to him at 10% trade discount.

Solution: JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
(i) Purchases A/c ...Dr. 40,000
To Rahul 40,000
(Goods purchased of list price ` 50,000 less 20% trade discount)
(ii) Purchases A/c ...Dr. 20,000
To Bank A/c 20,000
(Goods purchased of list price ` 25,000 at 20% trade discount
against cheque payment)
(iii) Purchases A/c ...Dr. 21,250
To Cash A/c 21,250
(Goods purchased of list price ` 25,000 less 15% trade
discount against cash payment)
(iv) Purchases A/c ...Dr. 35,000
To Cash A/c 35,000
(Goods purchased of list price of ` 40,000 for ` 35,000
against cash payment)
Note: Purchase of goods for ` 35,000 against list price of ` 40,000
means ` 5,000 is trade discount.
(v) Rahul ...Dr. 8,000
To Purchases Return A/c 8,000
(Goods of list price ` 10,000 less 20% trade discount returned)