ABC Ltd sold goods of MRP 39,000 to Nitish at 25% trade discount. The terms of credit
Question:
ABC Ltd sold goods of MRP ₹39,000 to Nitish at 25% trade discount. The terms of credit sales were ‘1/14 net 30’. Nitish makes the payment within 10 days. Show the journal entry for this transaction, in the books of ABC Ltd and books of Nitish.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
Final cas...View the full answer
Answered By
Sultan Ghulam Dastgir
The following are details of my Areas of Effectiveness English Language Proficiency, Organization Behavior , consumer Behavior and Marketing, Communication, Applied Statistics, Research Methods , Cognitive & Affective Processes, Cognitive & Affective Processes, Data Analysis in Research, Human Resources Management ,Research Project,
Social Psychology, Personality Psychology, Introduction to Applied Areas of Psychology,
Behavioral Neurosdence , Historical and Contemporary Issues in Psychology, Measurement in Psychology, experimental Psychology,
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
XYZ Ltd sold goods of MRP 20,000 to Nitish at 20% trade discount. The terms of credit sales were 2/14 net 30. Nitish makes the payment within 10 days. Show the journal entry for this transaction, in...
-
GK Ltd sold goods of MRP 50,000 to Nitish at 15% trade discount in cash. Show the journal entry for this transaction, in the books of GP Ltd and books of Nitish.
-
GP Ltd sold goods of MRP 10,000 to Nitish at 15% trade discount in cash. Show the journal entry for this transaction, in the books of GP Ltd and books of Nitish.
-
1. If an industry is formed by six companies. Four companies have sales of $ 10 each, and two companies have sales of $ 5 each. a. What is the concentration ratio of four companies for this industry?...
-
Income data from the records of Par Corporation and Sum Corporation, Par's 80 percent-owned subsidiary, for 2011 through 2014 follow (in thousands): Par acquired its interest in Sum on January 1,...
-
Do you see any communication barriers that could exist at 3M between management and employees?
-
A suitcase being loaded into an airplane moves at constant velocity on an inclined conveyor belt. Draw a free-body diagram for the suitcase as it moves up along with the belt. Show the normal and...
-
Success Systems sells upscale modular desk units and office chairs in the ratio of 3:2 (desk unit: chair). The selling prices are $1,250 per desk unit and $500 per chair. The variable costs are $750...
-
In the space provided, 150- to 350-word summary of your financial analysis from Part 2: Financial Ratio Calculations. Include the following in your summary: Make final recommendations as to whether...
-
A business enterprise gave away goods costing 10,000; 5,500; 3,400, respectively as free sample, as charity and for personal use of owner. Pass journal entry.
-
Sam Disuja helped his son in starting his new business by contributing a capital of rupees twenty lakh. After the opening ceremony of the business, he never intervened in the business decisions. All...
-
Evaluate the definite integral. Use a graphing utility to verify your result. n/3 -/3 4 sec 0 tane de
-
Jack Goodall works for an Alberta organization and receives a regular salary of $1,900.000 bi weekly. He will be receiving a payout of vacation pay with no time taken of $1,600.00 on a separate...
-
Explain how to respond to and challenge discrimination in a way that promotes positive change.
-
What happens if a client has funds in an account that exceeds SIPC limits and the broker-dealer becomes insolvent? Explain.
-
Cameron Electronics makes and sells power banks for phones. Each power bank has a selling price of $90. The following cost data per power bank which is based on a capacity of 4,000 units per period....
-
Ben has accumulated a lot of credit card debt over the years, but somehow he always manages to qualify for more credit. He has opened several credit cards that offer an introductory zero percent...
-
The Cavanaugh Corporation owns the licensing rights to the Mississippi Marauders hockey apparel. For 2011, Cavanaugh has gross receipts from qualified production activities of $6,000,000. The cost of...
-
Imagine you are the HR manager at a company, and a female employee came to you upset because she felt a male coworker was creating a hostile work environment by repeatedly asking her out on dates...
-
The stockholders?? equity section of Traylor Corporation??s balance sheet at December 31 is presented here. InstructionsFrom a review of the stockholders?? equity section, answer the following...
-
Tofias Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had...
-
On January 1, Tellier Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred....
-
A geospatial analysis system has four sensors supplying images. The percentage of images supplied by each sensor and the percentage of images relevant to a query are shown in the following table.
-
22 -3 1 1 0 -1 -3-12 -1 1 - 0 1 -1 11 0 1 0 Find all eigenvalues of the matrix A = using power method. 1 1 0 -3 0 - -1 0 0 0 0 1 1 300 0 0 2 0 7
-
Write an essay of 1,250-1,500 words that thoroughly explores the following: Many states have adopted three-strikes laws and some have two-strikes laws that often result in life sentences for...
Study smarter with the SolutionInn App