1.

Journalise the following transactions in the books of Kanishk Traders: (i) Sold goods costing ₹ 1,20,000 to Charu at a profit of 3313% on cost less 15% Trade Discount. (ii) Sold goods costing ₹ 80,000 to Arun against cheque at a profit of 25% on cost less 15% Trade Discount. (iii) Paid by cheque ₹ 8,400 as insurance premium for a period of 12 months starting 1st August 2016. Financial year closes on 31st March every year.

Answer» Journalise the following transactions in the books of Kanishk Traders:















(i) Sold goods costing ₹ 1,20,000 to Charu at a profit of 3313% on cost less 15% Trade Discount.
(ii) Sold goods costing ₹ 80,000 to Arun against cheque at a profit of 25% on cost less 15% Trade Discount.
(iii) Paid by cheque ₹ 8,400 as insurance premium for a period of 12 months starting 1st August 2016. Financial year closes on 31st March every year.


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