Bina Watch Co., Delhi purchased 25 pieces of ''Time Star'' brand wrist watch from ''Pioneer Watches'', Delhi at list price of Rs. 2,000 per piece less `10%` Trade Discount and Cash Discount of `2%` on payment within 15 days from the date of the transaction. Pass the Journal entries in the books of both the parties.
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Pass Journal entry for sale of goods by Rahul, Delhi to Anish, Delhi for Rs. 10,000 less 10% Trade Discount and 2% Cash Discount. Assume payment is received at the time of sale. CGST and SGST is levied @ 6% each.
Pass Journal entry for purchase of goods by Amrit, Delhi form Add Gel Pens, Delhi for Rs. 15,000 less Trade Discount 10% and Cash Discount 3% CGST and SGST is levied @ 6% each. Assume payment is made at the time of purchase.
M/s Auto Help, Delhi purchased 500 pieces of motor cycle horns at Rs. 100 each plus IGST @ 12% from M/s G.S.,Auto, Ghaziabad, (UP). Trade terms settled were: Trade Discount will be allowed @ 10% and Cash Discount @ 5% if payment is made within 7 days .M/s. Auto Help made the payment after 30 days. Determine the amount of Trade Discount and Cash Discount.
Mittal Cycles purchased 100 cycles from from Hero Cycles, Ludhiana (Panjab) @ Rs. 1,200 per cycle plus IGST @ 12% . Hero Cycles allowed 10% Trade Discount and 3% Cash Discount if paymaent is made within 14 days. Mettal Cysles received 10 cycles damaged during transit, which it returned. Mittal Cycles settled the payment in 10 days time. Pass Journal entries for the above transactions.
Z Ltd. purchased furniture costing Rs. 2,20,000 from C.D Ltd. The payment was to be made by issue of 9% Preference Shares of Rs. 100 each at a premium of Rs. 10 per share. Pass necessary Journal entries in the books of Z Ltd.
A sells goods of ₹ 10,000 on 1st March, 2019 to B on credit. B accepts a bill on the same date for the amount payable three months after date. A discounts the bill at 6% p.a. from bank on 4th April.On maturity, the bill is met by B. Pass the necessary Journal entries in the books of both the parties.
M/s Auto Aid, Delhi purchased 500 pieces of car horns @ Rs. 200 each less 10% Trade Discount plus IGST @ 12% from M/s Auto Horns, Chandigarh. What is the invoice value?
Z Ltd. purchased furniture costing Rs. 2,20,000 from C.D. Ltd. The payment was to be made by issue of 9% Preference Shares of Rs. 100 each at a premium of Rs. 10 per share. Pass necessary Journal entries in the books of Z Ltd.
TS GREWAL-JOURNAL-EVALUATION QUESTIONS: QUESTIONS WITH MISSING VALUES
