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Journalise followings :-
1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount
and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade
Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.?
1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discount
and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. Trade
Discount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.?
Most Upvoted Answer
Journalise followings :-1. Sold personal investment and invested in bu...
1. Sale of Personal Investment
- Sold personal investment and invested the amount in business.
- Journal Entry:
- Debit: Cash Account Rs. 5,00,000
- Credit: Capital Account Rs. 5,00,000
2. Purchase of Shawls by Mittal Bros.
- Purchased 100 shawls at Rs. 3,000 each.
- Allowed 10% Trade Discount and 3% Cash Discount for early payment.
- Returned 10 shawls of poor quality.
- Calculation of Purchase Cost:
- Total Cost: 100 shawls x Rs. 3,000 = Rs. 3,00,000
- Trade Discount: 10% of Rs. 3,00,000 = Rs. 30,000
- Purchase Amount after Trade Discount: Rs. 3,00,000 - Rs. 30,000 = Rs. 2,70,000
- Return of 10 Shawls: 10 x Rs. 3,000 = Rs. 30,000
- Final Amount Payable: Rs. 2,70,000 - Rs. 30,000 = Rs. 2,40,000
- Journal Entry:
- Debit: Purchase Account Rs. 2,40,000
- Credit: Cash/Bank Account Rs. 2,40,000
3. Sale of Shawls to Ajay and Sons
- Sold 100 shawls at Rs. 200 each on 4th January 2020.
- Allowed 25% Trade Discount and 5% Cash Discount for early payment.
- Received 40% payment on 14th January 2020 and the balance on 10th February 2020.
- Calculation of Sale Revenue:
- Total Sale Price: 100 shawls x Rs. 200 = Rs. 20,000
- Trade Discount: 25% of Rs. 20,000 = Rs. 5,000
- Sale Amount after Trade Discount: Rs. 20,000 - Rs. 5,000 = Rs. 15,000
- Cash Discount on early payment (if applicable): 5% of Rs. 15,000 = Rs. 750
- Journal Entry for Sale:
- Debit: Ajay and Sons Account Rs. 15,000
- Credit: Sales Account Rs. 15,000
- Journal Entry for Cash Received:
- Debit: Cash/Bank Account Rs. 6,000 (40% of Rs. 15,000)
- Credit: Ajay and Sons Account Rs. 6,000
- Final Payment Entry:
- Debit: Cash/Bank Account Rs. 9,000 (remaining balance)
- Credit: Ajay and Sons Account Rs. 9,000
This comprehensive journalization captures all transactions accurately and adheres to accounting principles.
- Sold personal investment and invested the amount in business.
- Journal Entry:
- Debit: Cash Account Rs. 5,00,000
- Credit: Capital Account Rs. 5,00,000
2. Purchase of Shawls by Mittal Bros.
- Purchased 100 shawls at Rs. 3,000 each.
- Allowed 10% Trade Discount and 3% Cash Discount for early payment.
- Returned 10 shawls of poor quality.
- Calculation of Purchase Cost:
- Total Cost: 100 shawls x Rs. 3,000 = Rs. 3,00,000
- Trade Discount: 10% of Rs. 3,00,000 = Rs. 30,000
- Purchase Amount after Trade Discount: Rs. 3,00,000 - Rs. 30,000 = Rs. 2,70,000
- Return of 10 Shawls: 10 x Rs. 3,000 = Rs. 30,000
- Final Amount Payable: Rs. 2,70,000 - Rs. 30,000 = Rs. 2,40,000
- Journal Entry:
- Debit: Purchase Account Rs. 2,40,000
- Credit: Cash/Bank Account Rs. 2,40,000
3. Sale of Shawls to Ajay and Sons
- Sold 100 shawls at Rs. 200 each on 4th January 2020.
- Allowed 25% Trade Discount and 5% Cash Discount for early payment.
- Received 40% payment on 14th January 2020 and the balance on 10th February 2020.
- Calculation of Sale Revenue:
- Total Sale Price: 100 shawls x Rs. 200 = Rs. 20,000
- Trade Discount: 25% of Rs. 20,000 = Rs. 5,000
- Sale Amount after Trade Discount: Rs. 20,000 - Rs. 5,000 = Rs. 15,000
- Cash Discount on early payment (if applicable): 5% of Rs. 15,000 = Rs. 750
- Journal Entry for Sale:
- Debit: Ajay and Sons Account Rs. 15,000
- Credit: Sales Account Rs. 15,000
- Journal Entry for Cash Received:
- Debit: Cash/Bank Account Rs. 6,000 (40% of Rs. 15,000)
- Credit: Ajay and Sons Account Rs. 6,000
- Final Payment Entry:
- Debit: Cash/Bank Account Rs. 9,000 (remaining balance)
- Credit: Ajay and Sons Account Rs. 9,000
This comprehensive journalization captures all transactions accurately and adheres to accounting principles.
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Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.?
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Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.?.
Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.?.
Solutions for Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.? in English & in Hindi are available as part of our courses for UPSC.
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Here you can find the meaning of Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.? defined & explained in the simplest way possible. Besides giving the explanation of
Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.?, a detailed solution for Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.? has been provided alongside types of Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.? theory, EduRev gives you an
ample number of questions to practice Journalise followings :-1. Sold personal investment and invested in business Rs.5,00,000. 2. Mittal Bros. purchased 100 shawls @ Rs.3,000 per shawl, allowed 10% Trade Discountand 3% Cash Discount if payment is made within 14 days. Mittal Bros. received 10 shawl of poor quality, which is returned. Mittal Bros, settled the payment within 10 days. 3. Sold to Ajay and Sons 100 shawls @ Rs.200 per shawl on 4th January, 2020. TradeDiscount 25% and Cash Discount 5% if full payment is made within 14 days. Ajay and Sons sent 40% payment on 14th January, 2020 and balance payment on 10th February,2020 by cheque.? tests, examples and also practice UPSC tests.
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