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Journalise following:
Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.
4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.
In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.
6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade?
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Journalise following:Life Insurance premium paid for employees, Rs.10,...
Journal Entries for Transactions
To properly record the transactions mentioned, we will create journal entries reflecting each event.
1. Life Insurance Premium Paid
- Life Insurance Premium for Employees: Rs. 10,000
- Life Insurance Premium for Proprietor: Rs. 2,000
Journal Entry:
Life Insurance Premium A/c Dr. 12,000
To Bank A/c 12,000
2. Order Placed with Rakesh
- Order for goods with a list price of Rs. 1,00,000 with a 10% advance paid.
Journal Entry:
Purchases A/c Dr. 1,00,000
To Bank A/c 10,000
To Rakesh A/c 90,000
3. Goods Supplied to Sanjay
- Cost of goods supplied: Rs. 3,600
- Invoice issued at 20% above cost less 10% Trade Discount.
Calculation of Selling Price:
- Marked Price = Cost + 20% of Cost = Rs. 3,600 + Rs. 720 = Rs. 4,320
- Trade Discount = 10% of Rs. 4,320 = Rs. 432
- Selling Price = Rs. 4,320 - Rs. 432 = Rs. 3,888
Journal Entry:
Sanjay A/c Dr. 3,888
To Sales A/c 3,888
4. Goods Sold to Anil
- Cost of goods sold: Rs. 40,000
- Profit of 25% on cost less 20% Trade Discount.
Calculation of Selling Price:
- Selling Price = Cost + 25% of Cost = Rs. 40,000 + Rs. 10,000 = Rs. 50,000
- Trade Discount = 20% of Rs. 50,000 = Rs. 10,000
- Final Selling Price = Rs. 50,000 - Rs. 10,000 = Rs. 40,000
Journal Entry:
Cash A/c Dr. 40,000
To Sales A/c 40,000
These journal entries accurately reflect the financial transactions related to the life insurance premium, goods ordered, and sales made. Each entry serves to maintain the integrity of the financial records essential for effective management and reporting.
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Journalise following:Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade?
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Journalise following:Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Journalise following:Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise following:Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade?.
Solutions for Journalise following:Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Journalise following:Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade? defined & explained in the simplest way possible. Besides giving the explanation of Journalise following:Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade?, a detailed solution for Journalise following:Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade? has been provided alongside types of Journalise following:Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade? theory, EduRev gives you an ample number of questions to practice Journalise following:Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000. as an advance by Cheque.In this connection, Raman paid 10% of the list price 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade Discount.6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade? tests, examples and also practice UPSC tests.
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