GP Ltd sold goods of MRP 10,000 to Nitish at 15% trade discount in cash. Show the
Question:
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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (3 reviews)
Books of GP Ltd Cash ac Dr 8500 To Sales ac G...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Cash sales and credit sales represent 30 and 70 respectively of total sales Of the credit sales 65 is collected in the first month after the month of sale and
-
15. What is the relationship between Kp and Kc for the reaction below? N2(g) + 3 H2(g) 2 NH3(g) a. b. c. d. e. Answer: _____ 16. Given the following chemical equilibrium, COCl2(g) CO(g) + Cl2(g)...
-
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.
-
Why does Sam Goldman go out of his way to talk about the importance of d.lights business plan? In what ways do you think having a meticulously crafted business plan helped d.light in its launch...
-
An accountant must be familiar with the concepts involved in determining earnings of a business entity. The amount of earnings reported for a business entity is dependent on the proper recognition,...
-
The spool has a weight of 30 lb and a radius of gyration k O = 0.45 ft. A cord is wrapped around its inner hub and the end subjected to a horizontal force P = 5 lb. Determine the spools angular...
-
The CFO of your firm has asked you for an approximate answer to this question: What was the increase in real purchasing power associated with both 3-month Treasury bills and 30-year Treasury bonds?...
-
Slocombe Company sold $6,000,000, 7%, 15-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on December 31. The bonds were sold at 98. Instructions (a) Prepare the...
-
You can find this question from Excel worksheet "poison pill question". Twilight has 1,000,000 shares outstanding, and the current stock price is $25 per share. Yesterday, Activist Apollo made a...
-
Sold goods of 20,000 to Mahesh. Subsequently received cash from Mahesh 19,800 in the final settlement of his account. Purchased goods from Deepak of 30,000. Subsequently issued a cheque of 29,500 to...
-
D.D. Enterprises executed the following transactions: Date April 3 April 7 April 10 April 15 April 17 April 29 April 30 May 07 May 9 May 15 May 18 May 19 May 20 May 21 May 22 May 23 May 23 May 24 May...
-
Blast furnace gas in a steel mill is available at 250C to be burned for the generation of steam. The composition of this gas is, on a volumetric basis, Component CH4 H2 CO CO2 N2 H2O Percent...
-
line r has an equation of y + 1 0 = - 2 ( x - 6 ) . line s is perpendicular to line r and passes theough ( 1 , 2 ) . whqt is the equation of line s ?
-
DaisyChain,are siden ttax payer,sold the following CGT assets during the2O21/22 tax year: COST ACQUISITION DISPOSAL SALE ASSET BASE DATE DATE PRICE Jewellery $400 3JulO7 11Jun22 $1,1OO Artwork $3,5OO...
-
What strategies do you use to ensure clear and effective written communication? Describe a time when you had to manage a communication crisis.
-
PART A.1-Statement of Comprehensive Income Pet Training Company has shared the following details relating to 2023: Income from continuing operations (net of tax) During 2023, the company disposed of...
-
How long until you get 1,00,000 if you invest 10,000 a year at a 9% interest rate with a present value of 0 (assuming annual compounding)
-
This case arose when Pillsbury Company fired Michael A. Smyth for transmitting inappropriate and unprofessional comments over Pillsburys e-mail system. In particular, Smyth made threats related to...
-
A local politician is concerned that a program for the homeless in her city is discriminating against blacks and other minorities. The following data were taken from a random sample of black and...
-
How do the components of revenues and expenses differ between a merchandising company and a service company?
-
Rachel Harpole, CEO of Bargain Den Stores, is considering a recommendation made by both the companys purchasing manager and director of finance that the company should invest in a sophisticated new...
-
(a) Explain the income measurement process in a merchandising company. (b) How does income measurement differ between a merchandising company and a service company?
-
10. Due to employee safety negligence at a nuclear waste facility, 2000 tons of a radioactive element is spilled into the nearby pond. The half-life of the radioactive element is 36 days. In order to...
-
How do historical and cultural variations in definitions of deviance challenge our understanding of its universality and the fluidity of social norms over time ?
-
The post COVID-19 world is different from that before 2019. Businesses have to adapt to the new normal. Processes that are implemented during the pandemic have to be dismantled. Customers' behaviours...
Study smarter with the SolutionInn App