3. Journalise the following April 2 Bought computers from HP limited , Noida and amount paid by Internet transfer Rs. 50000.April 5 Sold goods to Mohit for Rs. 50,000 on the term that cash discount shall be @ 5% on the payment made within 7 days and 2% on the payment made by 30th April 2020April 10. Cheques received from Karen on 4th April deposited into bank Rs.10000
Question
- Journalise the following April 2 Bought computers from HP limited , Noida and amount paid by Internet transfer Rs. 50000.April 5 Sold goods to Mohit for Rs. 50,000 on the term that cash discount shall be @ 5% on the payment made within 7 days and 2% on the payment made by 30th April 2020April 10. Cheques received from Karen on 4th April deposited into bank Rs.10000
Solution
Here are the journal entries for the transactions:
April 2 Debit: Computer Equipment 50,000 Credit: Bank 50,000 (Computers purchased from HP Limited, Noida and paid by internet transfer)
April 5 Debit: Accounts Receivable - Mohit 50,000 Credit: Sales 50,000 (Sold goods to Mohit on credit with terms of 5% discount if paid within 7 days and 2% if paid by April 30, 2020)
April 10 Debit: Bank 10,000 Credit: Accounts Receivable - Karen 10,000 (Cheque received from Karen on April 4 deposited into bank)
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