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Pass the journal entries for the following transaction of nidhi :
April 5
Paid amount to Prabhat Electric Co. on account 1,00,000
April 7
Sold goods to Mohit on the terms that Cash Discount shall be allowed @ 5% on payment made within 7 Days and @ 2% on payment made by 30th April, 2023. 50,000
April 11
Sold goods to Karan 25,000 less 10% Trade Discount Amount was received from Mohit after Cash Discount
April 13
Received cheque from Karan in settlement of his account Paid Balance amount to Prabhat Electric Co. 21,500
April 14
Cheque received from Karan deposited in bank 1000?
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Pass the journal entries for the following transaction of nidhi :April...
Journal Entries:

April 5:
- Prabhat Electric Co. Account Dr. 1,00,000
- To Bank Account 1,00,000

April 7:
- Mohit Account Dr. 50,000
- To Sales Account 50,000

April 11:
- Karan Account Dr. 22,500
- To Sales Account 25,000
- To Trade Discount 2,500

April 13:
- Bank Account Dr. 21,500
- To Karan Account 21,500

April 14:
- Bank Account Dr. 1,000
- To Karan Account 1,000

Explanation:

April 7:
- When goods were sold to Mohit, the journal entry was made to record the sale. The terms of the sale included cash discounts, which were accounted for in the entry.

April 11:
- When goods were sold to Karan, a trade discount was given, and the amount received from Mohit after availing the cash discount was recorded.

April 13:
- The cheque received from Karan in settlement of his account was recorded as a credit to Karan's account and a debit to the bank account.

April 14:
- The cheque received from Karan was deposited into the bank, and the journal entry was made to reflect this transaction.
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Pass the journal entries for the following transaction of nidhi :April 5 Paid amount to Prabhat Electric Co. on account 1,00,000April 7 Sold goods to Mohit on the terms that Cash Discount shall be allowed @ 5% on payment made within 7 Days and @ 2% on payment made by 30th April, 2023. 50,000April 11Sold goods to Karan 25,000 less 10% Trade Discount Amount was received from Mohit after Cash DiscountApril 13Received cheque from Karan in settlement of his account Paid Balance amount to Prabhat Electric Co. 21,500April 14Cheque received from Karan deposited in bank 1000?
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Pass the journal entries for the following transaction of nidhi :April 5 Paid amount to Prabhat Electric Co. on account 1,00,000April 7 Sold goods to Mohit on the terms that Cash Discount shall be allowed @ 5% on payment made within 7 Days and @ 2% on payment made by 30th April, 2023. 50,000April 11Sold goods to Karan 25,000 less 10% Trade Discount Amount was received from Mohit after Cash DiscountApril 13Received cheque from Karan in settlement of his account Paid Balance amount to Prabhat Electric Co. 21,500April 14Cheque received from Karan deposited in bank 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 entries for the following transaction of nidhi :April 5 Paid amount to Prabhat Electric Co. on account 1,00,000April 7 Sold goods to Mohit on the terms that Cash Discount shall be allowed @ 5% on payment made within 7 Days and @ 2% on payment made by 30th April, 2023. 50,000April 11Sold goods to Karan 25,000 less 10% Trade Discount Amount was received from Mohit after Cash DiscountApril 13Received cheque from Karan in settlement of his account Paid Balance amount to Prabhat Electric Co. 21,500April 14Cheque received from Karan deposited in bank 1000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pass the journal entries for the following transaction of nidhi :April 5 Paid amount to Prabhat Electric Co. on account 1,00,000April 7 Sold goods to Mohit on the terms that Cash Discount shall be allowed @ 5% on payment made within 7 Days and @ 2% on payment made by 30th April, 2023. 50,000April 11Sold goods to Karan 25,000 less 10% Trade Discount Amount was received from Mohit after Cash DiscountApril 13Received cheque from Karan in settlement of his account Paid Balance amount to Prabhat Electric Co. 21,500April 14Cheque received from Karan deposited in bank 1000?.
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