(i) |
Bought goods from Nanak Bros. for ₹ 4,00,000 at 10% trade discount and 3% cash discount on purchase price. 25% of the amount paid at the time of purchase. |
(ii) |
Sold goods to Kumar & Sons. for ₹ 2,00,000 at 20% trade discount and 5% cash discount on sale price. 60% of the amount received by Cheque. |
(iii) |
Received from Gopi Chand ₹ 38,000 by Cheque after deducting 5% cash discount. |
(iv) |
Paid ₹ 20,000 for rent by Cheque. |
(v) |
Paid ₹ 50,000 for salaries by Cheque. |
(vi) |
Goods worth ₹ 10,000 distributed as free samples. |
(vii) |
₹ 5,000 due from Chanderkant are bad-debts. |
(viii) |
Sold household furniture for ₹ 15,000 and the proceeds were invested into business. |
