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6th a record the following transaction in the journal of Mohan 2018 December 2 Maut quotes from Amit of the list price rupees 20000 at 15% trade discount December 5 sold goods to Gopal of the list price rupees 12000 at 10% trade discount December 8 goods returned to Amit of list price rupees 4000 December 12 Gopal returned goods of list price rupees 3000?
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6th a record the following transaction in the journal of Mohan 2018 De...
Journal entry for transactions in December 2018 for Mohan
Date | Particulars | L.F. | Debit (Rs.) | Credit (Rs.)
-----|------------|------|-------------|------------
2 Dec | Purchases A/c | Dr. | 17,000 |
| To Amit A/c | | | | 17,000
5 Dec | Gopal A/c | Dr. | 10,800 |
| To Sales A/c | | | 12,000 |
| To GST A/c | | | 1,200 |
8 Dec | Amit A/c | Dr. | 3,400 |
| To Purchases Return A/c | | | 3,400 |
12 Dec | Sales Return A/c | Dr. | 2,700 |
| GST A/c | Dr. | 300 |
| To Gopal A/c | | | 3,000 |
Explanation:
Mohan had four transactions in December 2018, which are as follows:
1. Maut quotes from Amit of the list price rupees 20000 at 15% trade discount
On December 2, Mohan purchased goods from Amit for a list price of Rs. 20,000. Amit gave a 15% trade discount on the list price. The trade discount is calculated as follows:
List price = Rs. 20,000
Trade discount = 15%
Trade discount = 20,000 x 15 / 100 = Rs. 3,000
Net price = List price – Trade discount = 20,000 – 3,000 = Rs. 17,000
The journal entry for this transaction is:
Purchases A/c Dr. Rs. 17,000
To Amit A/c Rs. 17,000
2. Sold goods to Gopal of the list price rupees 12000 at 10% trade discount
On December 5, Mohan sold goods to Gopal for a list price of Rs. 12,000. Mohan gave a 10% trade discount on the list price. The trade discount is calculated as follows:
List price = Rs. 12,000
Trade discount = 10%
Trade discount = 12,000 x 10 / 100 = Rs. 1,200
Net price = List price – Trade discount = 12,000 – 1,200 = Rs. 10,800
The journal entry for this transaction is:
Gopal A/c Dr. Rs. 10,800
To Sales A/c Rs. 12,000
To GST A/c Rs. 1,200
3. Goods returned to Amit of list price rupees 4000
On December 8, Mohan returned goods to Amit for a list price of Rs. 4,000. The journal entry for this transaction is:
Amit A/c Dr. Rs. 3,400
To Purchases Return A/c Rs. 3,400
4. Gopal returned goods of list price rupees 3000
On December 12, Gopal returned goods to Mohan for a list price of Rs. 3,000. The journal entry for this transaction is:
Sales Return A/c Dr. Rs. 2,700
GST A/c Dr. Rs. 300
To Gopal A/c Rs. 3,000
Date | Particulars | L.F. | Debit (Rs.) | Credit (Rs.)
-----|------------|------|-------------|------------
2 Dec | Purchases A/c | Dr. | 17,000 |
| To Amit A/c | | | | 17,000
5 Dec | Gopal A/c | Dr. | 10,800 |
| To Sales A/c | | | 12,000 |
| To GST A/c | | | 1,200 |
8 Dec | Amit A/c | Dr. | 3,400 |
| To Purchases Return A/c | | | 3,400 |
12 Dec | Sales Return A/c | Dr. | 2,700 |
| GST A/c | Dr. | 300 |
| To Gopal A/c | | | 3,000 |
Explanation:
Mohan had four transactions in December 2018, which are as follows:
1. Maut quotes from Amit of the list price rupees 20000 at 15% trade discount
On December 2, Mohan purchased goods from Amit for a list price of Rs. 20,000. Amit gave a 15% trade discount on the list price. The trade discount is calculated as follows:
List price = Rs. 20,000
Trade discount = 15%
Trade discount = 20,000 x 15 / 100 = Rs. 3,000
Net price = List price – Trade discount = 20,000 – 3,000 = Rs. 17,000
The journal entry for this transaction is:
Purchases A/c Dr. Rs. 17,000
To Amit A/c Rs. 17,000
2. Sold goods to Gopal of the list price rupees 12000 at 10% trade discount
On December 5, Mohan sold goods to Gopal for a list price of Rs. 12,000. Mohan gave a 10% trade discount on the list price. The trade discount is calculated as follows:
List price = Rs. 12,000
Trade discount = 10%
Trade discount = 12,000 x 10 / 100 = Rs. 1,200
Net price = List price – Trade discount = 12,000 – 1,200 = Rs. 10,800
The journal entry for this transaction is:
Gopal A/c Dr. Rs. 10,800
To Sales A/c Rs. 12,000
To GST A/c Rs. 1,200
3. Goods returned to Amit of list price rupees 4000
On December 8, Mohan returned goods to Amit for a list price of Rs. 4,000. The journal entry for this transaction is:
Amit A/c Dr. Rs. 3,400
To Purchases Return A/c Rs. 3,400
4. Gopal returned goods of list price rupees 3000
On December 12, Gopal returned goods to Mohan for a list price of Rs. 3,000. The journal entry for this transaction is:
Sales Return A/c Dr. Rs. 2,700
GST A/c Dr. Rs. 300
To Gopal A/c Rs. 3,000
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6th a record the following transaction in the journal of Mohan 2018 December 2 Maut quotes from Amit of the list price rupees 20000 at 15% trade discount December 5 sold goods to Gopal of the list price rupees 12000 at 10% trade discount December 8 goods returned to Amit of list price rupees 4000 December 12 Gopal returned goods of list price rupees 3000?
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6th a record the following transaction in the journal of Mohan 2018 December 2 Maut quotes from Amit of the list price rupees 20000 at 15% trade discount December 5 sold goods to Gopal of the list price rupees 12000 at 10% trade discount December 8 goods returned to Amit of list price rupees 4000 December 12 Gopal returned goods of list price rupees 3000? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about 6th a record the following transaction in the journal of Mohan 2018 December 2 Maut quotes from Amit of the list price rupees 20000 at 15% trade discount December 5 sold goods to Gopal of the list price rupees 12000 at 10% trade discount December 8 goods returned to Amit of list price rupees 4000 December 12 Gopal returned goods of list price rupees 3000? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 6th a record the following transaction in the journal of Mohan 2018 December 2 Maut quotes from Amit of the list price rupees 20000 at 15% trade discount December 5 sold goods to Gopal of the list price rupees 12000 at 10% trade discount December 8 goods returned to Amit of list price rupees 4000 December 12 Gopal returned goods of list price rupees 3000?.
6th a record the following transaction in the journal of Mohan 2018 December 2 Maut quotes from Amit of the list price rupees 20000 at 15% trade discount December 5 sold goods to Gopal of the list price rupees 12000 at 10% trade discount December 8 goods returned to Amit of list price rupees 4000 December 12 Gopal returned goods of list price rupees 3000? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about 6th a record the following transaction in the journal of Mohan 2018 December 2 Maut quotes from Amit of the list price rupees 20000 at 15% trade discount December 5 sold goods to Gopal of the list price rupees 12000 at 10% trade discount December 8 goods returned to Amit of list price rupees 4000 December 12 Gopal returned goods of list price rupees 3000? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 6th a record the following transaction in the journal of Mohan 2018 December 2 Maut quotes from Amit of the list price rupees 20000 at 15% trade discount December 5 sold goods to Gopal of the list price rupees 12000 at 10% trade discount December 8 goods returned to Amit of list price rupees 4000 December 12 Gopal returned goods of list price rupees 3000?.
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6th a record the following transaction in the journal of Mohan 2018 December 2 Maut quotes from Amit of the list price rupees 20000 at 15% trade discount December 5 sold goods to Gopal of the list price rupees 12000 at 10% trade discount December 8 goods returned to Amit of list price rupees 4000 December 12 Gopal returned goods of list price rupees 3000?, a detailed solution for 6th a record the following transaction in the journal of Mohan 2018 December 2 Maut quotes from Amit of the list price rupees 20000 at 15% trade discount December 5 sold goods to Gopal of the list price rupees 12000 at 10% trade discount December 8 goods returned to Amit of list price rupees 4000 December 12 Gopal returned goods of list price rupees 3000? has been provided alongside types of 6th a record the following transaction in the journal of Mohan 2018 December 2 Maut quotes from Amit of the list price rupees 20000 at 15% trade discount December 5 sold goods to Gopal of the list price rupees 12000 at 10% trade discount December 8 goods returned to Amit of list price rupees 4000 December 12 Gopal returned goods of list price rupees 3000? theory, EduRev gives you an
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