XYZ Ltd. sold goods on credit to ABC Ltd. for Rs. 50,000 on 1st January 2023. ABC
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XYZ Ltd. sold goods on credit to ABC Ltd. for Rs. 50,000 on 1st January 2023. ABC Ltd. returned goods worth Rs. 10,000 on 5th January 2023. On 10th January 2023, XYZ Ltd. received a cheque from ABC Ltd. for the balance amount due. The cheque was deposited in the bank on the same day. XYZ Ltd. follows the mercantile system of accounting.
1. Record the above transactions in the books of XYZ Ltd.
2. Prepare the necessary ledger accounts for the above transactions.
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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