Page 42 - DEBK-XI(2020)

Journal 8.11

(vi) Amit ...Dr. 9,000
To Sales A/c 9,000
(Being the goods of list price ` 10,000 sold at 10% trade discount)
(vii) Bank A/c ...Dr. 18,000
To Sales A/c 18,000
(Being the goods of list price ` 20,000 sold at 10% trade discount
against cheque)
(viii) Cash A/c ...Dr. 13,500
To Sales A/c 13,500
(Being the goods of list price ` 15,000 sold at 10% trade discount
to Akash against cash payment)
(ix) Yogesh ...Dr. 14,000
To Sales A/c 14,000
(Being the goods of list price ` 15,000 sold for ` 14,000)
Note: Sale of goods for ` 15,000 for ` 14,000 means trade discount
of ` 1,000 has been allowed.
(x) Sujit A/c ...Dr. 10,800
To Sales A/c 10,800
(Being the goods sold at cost + 20% profit – 10% trade discount, i.e.,
`
Cost 10,000
Add: Profit of 20% 2,000
12,000
Less: Trade Discount 10% 1,200
10,800 )
(xi) Bank A/c ...Dr. 22,950
To Sales A/c 22,950
(Being the goods sold against cheque `
List price 25,000
Less: Trade Discount (15%) Received 3,750
21,250
Add: Profit (20%) 4,250
25,500
Less: Trade Discount (10%) Allowed 2,550
22,950 )
(xii) Sales Return A/c ...Dr. 4,500
To Akash 4,500
(Being the goods returned by Akash of list price ` 5,000
less 10% trade discount)

4. Journalise the following transactions in the books of Bhushan Agencies:
(i) Received from Sahil ` 10,000 in cash allowed him discount of ` 200.

(ii) Received from Mukesh ` 25,000 by cheque allowed him discount of ` 500.
(iii) Received from Abhay ` 26,500 in settlement of his dues of ` 27,500 in cash.

(iv) Received from Satish ` 40,000 by cheque on account against dues of
` 60,000.