Pass entries for the following transactions in the books of M/s Karthikeyan & Co. of Chennai:
Pass entries for the following transactions in the books of M/s Karthikeyan & Co. of Chennai:
Ignore adjustment and payment of GST.
[Ans. Total ₹ 5,28,840;
June 10: Net amount paid ₹ 1,69,920; Discount Received ₹ 6,000.
June 25: Net amount received ₹ 3,46,920; Discount allowed ₹ 6,000.]
| 2022 | |
| June 10 | Purchased goods from Ravichandran of Madurai of the list price of ₹ 2,00,000 at 25% trade discount at 4% cash discount on purchase price of goods. Paid CGST and SGST @ 9% each. Paid the entire amount by cheque on the same date. |
| June 25 | Sold goods to Ramalingam of Erode of the list price of $ 3,75,000 at 20% trade discount and 2% cash discount on sale price. Charged CGST and SGST @ 9% each. Full amount was received by cheque on the same date. |
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