FREE Double Entry Book Keeping Ts Grewal 2018 for class 11 commerce Accountancy, Chapter 6 - Ledger from (Double Entry Book Keeping Ts Grewal 2018). May 27 Returned 2 pieces ready-made dresses by M/’s. For the journal entry for selling goods, go through the chapter on Inventory. 9,350. 2,00,000. Returned goods to M/s Kartik Traders: 1,200: 10: Goods returned to Sahil Pvt. 14: Sold goods on credit to M/s. M/s… 7. Mary is a cement dealer having business for more than 5 years. Prepare Journal Entries Business started with cash in Hand Rs. May 16 – Sold to M/s. 50,000 on 10% trade discount and 4% cash discount and paid 60% amount by cheque. Prepare a journal entry. Jan. 19 Sold goods to Supriya valued at Rs. 1,00,000 And Loan From Nepal Rastra Bank Rs. 18 th June : Bought Goods on credit from M/s Ramdas & Bros. for 10,000. 5,00,000, Nabil Bank Balance Rs. Pearlita is a trader. Textbook Case Study. 40,0000, Citizen Bank Balance Rs. 2017. Rupa Traders, Delhi: 30,000: Apr. Saran & Co., on credit ₹ 18,000. M/s. 28: Return outwards to M/s Handa Traders: 550 2,00,000 at terms 5% cash discount and 20% trade discount. 30,000 on Credit. A: For the journal entry for buying goods you will be able to work out the answer if you go through this tutorial on the journal entry for buying an asset. Trade terms settled were: Trade Discount will be allowed @ 10% and Cash Discount @ 5% if payment is made within 7 days. She buys and sells electronic goods. 20 th June : Bought Machinery from M/s Boolani Machinery and paid by cheque 25,000. Auto Help, Delhi purchased 500 pieces of motor cycle horns at ₹ 100 each plus IGST @ 12% from M/s G.S., Auto, Ghaziabad, (UP). Bought Goods for cash 10,000 from M/s Shamir Jain & Co., 6. REQUIRED (d) Prepare the journal entry to record the set-off in Arun’s books. Arun sells goods to Rupa and also buys goods from her. Jan 15 Bought goods from Amit for Rs. Jan. 18 Purchased goods from Sapana Traders valued at Rs. 9. Answer: In the Books of Mary Journal Entries. Jain & Sons on credit 50 blankets @ ₹ 240 each. Gupta Traders, Kolkata : ... Journal; Check out our new Posts. On 1 October Arun’s books showed the following balances. Journal Entries - Buying and Selling Goods by: Anonymous What is the journal entry of 1) sold goods to Krishna Bought goods from Rajesh ? Veeran&Sons due to inferior qualityand cash not paid Solution: Hema Traders, Chandigarh: 42,000: Apr. 8: Purchased goods from M/s. Hari Sales 10,000 June 20 Bought furniture from S.R. 10 : Cash sales : 30,000: Apr. Pass Journal entries of M/s. 32,500 and paid half of the amount due by cheque after a 5% cash discount. Furnishers against Cash 22,400 June 27 Paid rent 28,000 June 30 Paid salary 50,000 The solution for this question is as follows: Rupa account in sales ledger $180 Rupa account in purchases ledger $37 It was agreed that these balances should be set off against one another. M/s Ruchi trader started their cash book with the following balances on July 2017: cash in hand ₹ 1,354 and balance in bank current account ₹ 7,560. he had the following transactions in the month of July 2017: ₹ Bought goods for cash from M/s. Ltd. 2,500: 17: Goods returned to M/s Kohinoor Traders for list price ₹ 2,000 less 10% trade discount. Pass journal entries in her books for the period of March, 2018. May 25 Sold old furniture to M/s. May 20 Damaged 10 pieces towels returned by Karan & Co. and cash not paid. 24,000 who paid three quarters of the amount due by cheque. Hari Sales, Delhi 12,000 June 13 Paid to Ramavtar 40,000 June 17 Received from M/s. Total cash sales for the day amounted to Rs. Question 10. Jan 6 Purchased goods from Henry for Rs. 19 th June : Sold goods for cash 12,000 to Mr. Naryan Tiwari : 8. Purchased goods for cash 15,000 June 11 Sold goods to M/s. Paid 3/4th of the amount in cash at the time of purchase. She maintains double entry book – keeping. 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