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Pass the Journal Entriesthe book of Amar Ltdand make the necessary Ledger accounts Jan 5 Sold goods to Mukararn of the list price of Rs 2,00,000at a trade discount of 20% Jan 7 Mukaram Returned goods of the list price Rs5000. Jan 16 Received from Mukaram the full payment under a cash discount of 4% Jan 20 Deprecation charged on machinery Rs 1000?
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Pass the Journal Entriesthe book of Amar Ltdand make the necessary Led...
Journal Entries:
Jan 5: Sold goods to Mukaram for Rs 2,00,000 at a trade discount of 20%.
Jan 7: Mukaram returned goods worth Rs 5000.
Jan 16: Received full payment from Mukaram with a cash discount of 4%.
Jan 20: Depreciation charged on machinery for Rs 1000.
Ledger Accounts:
1. Sales Account:
Date | Particulars | L.F. | Amount (Rs)
Jan 5 | Mukaram A/c | Dr | 1,60,000
To Sales A/c | 1,60,000
(Being goods sold to Mukaram at a trade discount of 20%)
2. Mukaram Account:
Date | Particulars | L.F. | Amount (Rs)
Jan 5 | Sales A/c | Dr | 1,60,000
To Mukaram A/c | 1,60,000
(Being goods purchased from Amar Ltd at a trade discount of 20%)
Jan 7 | Purchases Return A/c | Dr | 5,000
To Mukaram A/c | 5,000
(Being goods returned by Mukaram)
Jan 16 | Bank A/c | Dr | 1,92,000
Discount Received A/c | Dr | 8,000
To Mukaram A/c | 2,00,000
(Being full payment received from Mukaram with a cash discount of 4%)
3. Depreciation Account:
Date | Particulars | L.F. | Amount (Rs)
Jan 20 | Machinery A/c | Dr | 1,000
To Depreciation A/c | 1,000
(Being depreciation charged on machinery)
Explanation of Depreciation:
Depreciation is a gradual decrease in the value of an asset over its useful life. In accounting, it is charged as an expense to allocate the cost of an asset over its useful life. The machinery account is debited with the amount of depreciation, and the depreciation account is credited. Depreciation is a non-cash expense, meaning that it does not involve any actual cash outlay. It is a way to spread the cost of an asset over its useful life, which helps in determining the actual cost of producing goods and services.
Jan 5: Sold goods to Mukaram for Rs 2,00,000 at a trade discount of 20%.
Jan 7: Mukaram returned goods worth Rs 5000.
Jan 16: Received full payment from Mukaram with a cash discount of 4%.
Jan 20: Depreciation charged on machinery for Rs 1000.
Ledger Accounts:
1. Sales Account:
Date | Particulars | L.F. | Amount (Rs)
Jan 5 | Mukaram A/c | Dr | 1,60,000
To Sales A/c | 1,60,000
(Being goods sold to Mukaram at a trade discount of 20%)
2. Mukaram Account:
Date | Particulars | L.F. | Amount (Rs)
Jan 5 | Sales A/c | Dr | 1,60,000
To Mukaram A/c | 1,60,000
(Being goods purchased from Amar Ltd at a trade discount of 20%)
Jan 7 | Purchases Return A/c | Dr | 5,000
To Mukaram A/c | 5,000
(Being goods returned by Mukaram)
Jan 16 | Bank A/c | Dr | 1,92,000
Discount Received A/c | Dr | 8,000
To Mukaram A/c | 2,00,000
(Being full payment received from Mukaram with a cash discount of 4%)
3. Depreciation Account:
Date | Particulars | L.F. | Amount (Rs)
Jan 20 | Machinery A/c | Dr | 1,000
To Depreciation A/c | 1,000
(Being depreciation charged on machinery)
Explanation of Depreciation:
Depreciation is a gradual decrease in the value of an asset over its useful life. In accounting, it is charged as an expense to allocate the cost of an asset over its useful life. The machinery account is debited with the amount of depreciation, and the depreciation account is credited. Depreciation is a non-cash expense, meaning that it does not involve any actual cash outlay. It is a way to spread the cost of an asset over its useful life, which helps in determining the actual cost of producing goods and services.
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Pass the Journal Entriesthe book of Amar Ltdand make the necessary Ledger accounts Jan 5 Sold goods to Mukararn of the list price of Rs 2,00,000at a trade discount of 20% Jan 7 Mukaram Returned goods of the list price Rs5000. Jan 16 Received from Mukaram the full payment under a cash discount of 4% Jan 20 Deprecation charged on machinery Rs 1000?
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Pass the Journal Entriesthe book of Amar Ltdand make the necessary Ledger accounts Jan 5 Sold goods to Mukararn of the list price of Rs 2,00,000at a trade discount of 20% Jan 7 Mukaram Returned goods of the list price Rs5000. Jan 16 Received from Mukaram the full payment under a cash discount of 4% Jan 20 Deprecation charged on machinery Rs 1000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Pass the Journal Entriesthe book of Amar Ltdand make the necessary Ledger accounts Jan 5 Sold goods to Mukararn of the list price of Rs 2,00,000at a trade discount of 20% Jan 7 Mukaram Returned goods of the list price Rs5000. Jan 16 Received from Mukaram the full payment under a cash discount of 4% Jan 20 Deprecation charged on machinery Rs 1000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pass the Journal Entriesthe book of Amar Ltdand make the necessary Ledger accounts Jan 5 Sold goods to Mukararn of the list price of Rs 2,00,000at a trade discount of 20% Jan 7 Mukaram Returned goods of the list price Rs5000. Jan 16 Received from Mukaram the full payment under a cash discount of 4% Jan 20 Deprecation charged on machinery Rs 1000?.
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