Page 42 - debkxi
P. 42

8.12                                                   Double Entry Book Keeping—CBSE XI

                           (v)  Paid cash ` 20,000 to Kamal availed discount of 2%.
                          (vi)  Paid by cheque of ` 15,000 to Manoj and settled his dues of ` 16,000.

                         (vii)  Paid to ` 25,000 Sushil by cheque on account.
                        (viii)  Purchased goods costing ` 25,000 against cheque and availed discount of 2%.
                          (ix)  Purchased goods costing ` 50,000 from Rakesh & Co. paid 50% immediately
                              for availing 2% discount.
                           (x)  Sold goods of ` 20,000 against cheque allowing 2% discount.
                          (xi)  Sold goods of ` 60,000 to Vishal, received 50% of due amount allowing 2%
                              discount.
                     Solution:                            JOURNAL
                     Date     Particulars                                          L.F.   Dr. (`)   Cr. (`)
                       (i)   Cash A/c                                        ...Dr.       10,000
                             Discount Allowed A/c                            ...Dr.         200
                                To  Sahil                                                          10,200
                             (Cash received from Sahil and allowed discount)
                       (ii)   Bank A/c                                       ...Dr.       25,000
                             Discount Allowed A/c                            ...Dr.         500
                                To  Mukesh                                                         25,500
                             (Cheque received from Mukesh and allowed discount)

                       (iii)   Cash A/c                                      ...Dr.       26,500
                             Discount Allowed A/c                            ...Dr.       1,000
                                To  Abhay                                                          27,500
                             (Amount received from Abhay and allowed discount)
                       (iv)   Bank A/c                                       ...Dr.       40,000
                                To  Satish                                                         40,000
                             (Amount received on account)
                       (v)   Kamal                                           ...Dr.       20,400
                                To  Cash A/c                                                       20,000
                                To  Discount Received A/c                                            400
                             (Amount paid and cash discount received)
                       (vi)   Manoj                                          ...Dr.       16,000
                                To  Bank A/c                                                       15,000
                                To  Discount Received A/c                                           1,000
                             (Amount paid and discount received)

                      (vii)   Sushil                                         ...Dr.       25,000
                                To  Bank A/c                                                       25,000
                             (Amount paid on account)

                      (viii)   Purchases A/c                                 ...Dr.       25,000
                                To  Bank A/c                                                       24,500
                                To  Discount Received A/c                                            500
                             (Goods purchased against cheque and discount availed)
                             Note: Cash discount received is accounted as income
   37   38   39   40   41   42   43   44   45   46   47