Page 43 - DEBK-XI(2020)

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
(Being the cash received from Sahil and allowed discount)
(ii) Bank A/c ...Dr. 25,000
Discount Allowed A/c ...Dr. 500
To Mukesh 25,500
(Being the 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
(Being the amount received from Abhay and allowed discount)
(iv) Bank A/c ...Dr. 40,000
To Satish 40,000
(Being the amount received on account)
(v) Kamal ...Dr. 20,400
To Cash A/c 20,000
To Discount Received A/c 400
(Being the amount paid and cash discount received)
(vi) Manoj ...Dr. 16,000
To Bank A/c 15,000
To Discount Received A/c 1,000
(Being the amount paid and discount received)

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

(viii) Purchases A/c ...Dr. 25,000
To Bank A/c 24,500
To Discount Received A/c 500
(Being the goods purchased against cheque and discount availed)
Note: Cash discount received is accounted as income