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Plz journalise it: Supplied goods costing Rs600 to Mohan and issued Invoice at 10% above cost and allowed 5% trade discount.?
Most Upvoted Answer
Plz journalise it: Supplied goods costing Rs600 to Mohan and issued In...
Journal Entry for Supplying Goods to Mohan
Date | Particulars | L.F. | Debit (Rs.) | Credit (Rs.)
--- | --- | --- | --- | ---
[Date] | Mohan A/c | Dr. | 630 |
| To Goods A/c | | | 600
| To GST A/c | | | 30
Explanation:
The above journal entry is made to record the sale of goods to Mohan. Let's break down the entry into its components:
* Date: The date on which the transaction took place.
* Particulars: The names of the accounts involved in the transaction.
* L.F.: The ledger folio numbers where the transaction is recorded in the respective ledger accounts.
* Debit: The amount debited to the Mohan account, which represents the total selling price of the goods.
* Credit: The amount credited to the Goods account, which represents the cost of the goods sold, and the GST account, which represents the GST charged on the sale.
Calculation of the Selling Price:
* Cost of Goods = Rs. 600
* Markup = 10% of Cost of Goods = 0.1 x 600 = Rs. 60
* Selling Price = Cost of Goods + Markup = Rs. 600 + Rs. 60 = Rs. 660
Calculation of the Trade Discount:
* Selling Price = Rs. 660
* Trade Discount = 5% of Selling Price = 0.05 x 660 = Rs. 33
* Net Amount Payable = Selling Price - Trade Discount = Rs. 660 - Rs. 33 = Rs. 627
Therefore, Mohan will pay Rs. 627 for the goods after deducting the trade discount.
Date | Particulars | L.F. | Debit (Rs.) | Credit (Rs.)
--- | --- | --- | --- | ---
[Date] | Mohan A/c | Dr. | 630 |
| To Goods A/c | | | 600
| To GST A/c | | | 30
Explanation:
The above journal entry is made to record the sale of goods to Mohan. Let's break down the entry into its components:
* Date: The date on which the transaction took place.
* Particulars: The names of the accounts involved in the transaction.
* L.F.: The ledger folio numbers where the transaction is recorded in the respective ledger accounts.
* Debit: The amount debited to the Mohan account, which represents the total selling price of the goods.
* Credit: The amount credited to the Goods account, which represents the cost of the goods sold, and the GST account, which represents the GST charged on the sale.
Calculation of the Selling Price:
* Cost of Goods = Rs. 600
* Markup = 10% of Cost of Goods = 0.1 x 600 = Rs. 60
* Selling Price = Cost of Goods + Markup = Rs. 600 + Rs. 60 = Rs. 660
Calculation of the Trade Discount:
* Selling Price = Rs. 660
* Trade Discount = 5% of Selling Price = 0.05 x 660 = Rs. 33
* Net Amount Payable = Selling Price - Trade Discount = Rs. 660 - Rs. 33 = Rs. 627
Therefore, Mohan will pay Rs. 627 for the goods after deducting the trade discount.
Community Answer
Plz journalise it: Supplied goods costing Rs600 to Mohan and issued In...
Mohan A/c. Dr. 627
To Sales A/c. 627
List Price = 600+ 10% = 660. and Selling price = list price- trade discount = 660- 5% = 627.
Trade discount is not recorded in the books of accounts.
To Sales A/c. 627
List Price = 600+ 10% = 660. and Selling price = list price- trade discount = 660- 5% = 627.
Trade discount is not recorded in the books of accounts.
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Plz journalise it: Supplied goods costing Rs600 to Mohan and issued Invoice at 10% above cost and allowed 5% trade discount.?
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Plz journalise it: Supplied goods costing Rs600 to Mohan and issued Invoice at 10% above cost and allowed 5% trade discount.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Plz journalise it: Supplied goods costing Rs600 to Mohan and issued Invoice at 10% above cost and allowed 5% trade discount.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Plz journalise it: Supplied goods costing Rs600 to Mohan and issued Invoice at 10% above cost and allowed 5% trade discount.?.
Plz journalise it: Supplied goods costing Rs600 to Mohan and issued Invoice at 10% above cost and allowed 5% trade discount.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Plz journalise it: Supplied goods costing Rs600 to Mohan and issued Invoice at 10% above cost and allowed 5% trade discount.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Plz journalise it: Supplied goods costing Rs600 to Mohan and issued Invoice at 10% above cost and allowed 5% trade discount.?.
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