Page 44 - DEBK-XI(2020)

Journal 8.13

(ix) Purchases A/c ...Dr. 50,000
To Cash A/c 24,500
To Rakesh & Co. 25,000
To Discount Received A/c 500
(Being the goods purchased paying 50% availing 2% discount)
Note: Cash discount will be received on amount paid, i.e., 2% of ` 25,000.
(x) Bank A/c ...Dr. 19,600
Discount Allowed A/c ...Dr. 400
To Sales A/c 20,000
(Being the goods sold against cheque allowing 2% discount)
(xi) Cash A/c ...Dr. 29,400
Vishal ...Dr. 30,000
Discount Allowed A/c ...Dr. 600
To Sales A/c 60,000
(Being the goods sold receiving 50% of sales, allowing 2% discount)
Note: Cash discount will be allowed on amount received, i.e., 2% of ` 30,000.
5. Pass the correct Journal entries on the basis of the narrations:
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
(i) Purchase A/c ...Dr. 2,000
To Cash A/c 2,000
(Being the goods returned by Y costing ` 2,000)
(ii) Income Tax A/c ...Dr. 1,000
To Cash A/c 1,000
(Being the income tax paid)
(iii) Bank A/c ...Dr. 5,000
To Y 5,000
(Being the cheque received from Y dishonoured)
(iv) Cash A/c ...Dr. 1,000
To Commission A/c 1,000
(Being the commission 1/5th received in advance out of ` 1,000)
(v) Charity A/c ...Dr. 2,000
To Purchases A/c 2,000
(Being the goods distributed as samples)
(vi) Interest A/c ...Dr. 4,000
To Accrued Interest A/c 4,000
(Being the interest accrued)
(vii) Outstanding Salary A/c ...Dr. 12,000
To Salary A/c 12,000
(Being the salary outstanding was paid by giving a cheque of ` 12,000)
(viii) Cash A/c ...Dr. 25,000
To Lata’s Loan A/c 25,000
(Being Lata’s loan of ` 25,000 was repaid by giving a machine of
` 20,000 in full settlement)
(ix) Electricity A/c ...Dr. 3,000
To Cash A/c 3,000
(Being the electricity bill remain unpaid)
(x) Purchases Return A/c ...Dr. 2,000
To Kailash 2,000
(Being the goods of ` 2,000 returned to Kailash)