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.Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.?
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.Pass Journal entries for business transactions of Rajesh Wagle. 1. Ra...
Journal Entries for Business Transactions of Rajesh Wagle:
1. Commencement of Business:
Date: [Date]
Capital A/c Dr. 200,000
To Cash A/c 200,000
(Being the capital introduced by Rajesh Wagle)
2. Purchase of Goods from Atharwa:
Date: [Date]
Purchase A/c Dr. 15,000
Trade Discount A/c Dr. 1,200 (8% of Rs. 15,000)
Cash Discount A/c Dr. 1,200 (10% of Rs. 15,000)
To Atharwa's A/c 16,400
(Being the purchase of goods from Atharwa at 8% trade discount and 10% cash discount)
3. Payment to Atharwa:
Date: [Date]
Atharwa's A/c Dr. 10,933.33 (2/3 * Rs. 16,400)
Bank A/c Dr. 5,466.67 (1/3 * Rs. 16,400)
To Cash A/c 10,933.33
To Bank A/c 5,466.67
(Being the payment to Atharwa for goods purchased)
4. Sale of Goods to Daksheshbhai:
Date: [Date]
Daksheshbhai's A/c Dr. 9,600
Sales A/c 8,000
Profit on Sale A/c 1,600 (20% of Rs. 8,000)
To Goods A/c 8,000
(Being the sale of goods to Daksheshbhai with a 20% profit on selling price)
5. Sending Invoice to Daksheshbhai:
Date: [Date]
Daksheshbhai's A/c Dr. 9,600
To Sales A/c 9,600
(Being the invoicing of goods sent to Daksheshbhai)
6. Calculation of Profit:
Cost Price (CP) = Rs. 8,000
Profit = 20% of CP = 20/100 * 8,000 = Rs. 1,600
Selling Price (SP) = CP + Profit = 8,000 + 1,600 = Rs. 9,600
Summary:
- Rajesh Wagle commenced business with Rs. 200,000 as his capital.
- He purchased goods worth Rs. 15,000 from Atharwa, availing an 8% trade discount and a 10% cash discount.
- 2/3rd of the amount was paid to Atharwa, with 1/3rd paid in cash and the remaining 2/3rd by cheque.
- Goods worth Rs. 8,000 were sent to Daksheshbhai on instruction, with an invoice sent to realize a 20% profit on the selling price.
- Journal entries
1. Commencement of Business:
Date: [Date]
Capital A/c Dr. 200,000
To Cash A/c 200,000
(Being the capital introduced by Rajesh Wagle)
2. Purchase of Goods from Atharwa:
Date: [Date]
Purchase A/c Dr. 15,000
Trade Discount A/c Dr. 1,200 (8% of Rs. 15,000)
Cash Discount A/c Dr. 1,200 (10% of Rs. 15,000)
To Atharwa's A/c 16,400
(Being the purchase of goods from Atharwa at 8% trade discount and 10% cash discount)
3. Payment to Atharwa:
Date: [Date]
Atharwa's A/c Dr. 10,933.33 (2/3 * Rs. 16,400)
Bank A/c Dr. 5,466.67 (1/3 * Rs. 16,400)
To Cash A/c 10,933.33
To Bank A/c 5,466.67
(Being the payment to Atharwa for goods purchased)
4. Sale of Goods to Daksheshbhai:
Date: [Date]
Daksheshbhai's A/c Dr. 9,600
Sales A/c 8,000
Profit on Sale A/c 1,600 (20% of Rs. 8,000)
To Goods A/c 8,000
(Being the sale of goods to Daksheshbhai with a 20% profit on selling price)
5. Sending Invoice to Daksheshbhai:
Date: [Date]
Daksheshbhai's A/c Dr. 9,600
To Sales A/c 9,600
(Being the invoicing of goods sent to Daksheshbhai)
6. Calculation of Profit:
Cost Price (CP) = Rs. 8,000
Profit = 20% of CP = 20/100 * 8,000 = Rs. 1,600
Selling Price (SP) = CP + Profit = 8,000 + 1,600 = Rs. 9,600
Summary:
- Rajesh Wagle commenced business with Rs. 200,000 as his capital.
- He purchased goods worth Rs. 15,000 from Atharwa, availing an 8% trade discount and a 10% cash discount.
- 2/3rd of the amount was paid to Atharwa, with 1/3rd paid in cash and the remaining 2/3rd by cheque.
- Goods worth Rs. 8,000 were sent to Daksheshbhai on instruction, with an invoice sent to realize a 20% profit on the selling price.
- Journal entries
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.Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.?
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.Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about .Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for .Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.?.
.Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about .Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for .Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.?.
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.Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.?, a detailed solution for .Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.? has been provided alongside types of .Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.? theory, EduRev gives you an
ample number of questions to practice .Pass Journal entries for business transactions of Rajesh Wagle. 1. Rajesh commenced business with Rs.200000 from his own savings. 2. Purchased goods of Rs.15000 from Atharwa at 8% T.D. and 10% C.D. 2/3rd amount paid to Atharwa, in the proportion of 1:2 in cash and by cheque respectively. 3. Vandana sent goods of Rs.8000 at 5% T.D. to Daksheshbhai on our instruction. We sent an invoice to Daksheshbhai, so as to realize 20% profit on selling price.? tests, examples and also practice Commerce tests.
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