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1) XYZ Ltd bought goods for Rs.200000 from ABC Ltd. The co
gave 10% discount. give journal entries in the books of ABC
Ltd and XYZ Ltd.
2) Goods bought for Rs.400000. While transporting goods
destroyed. Insurance co agreed to pay 75%. post journal
entries.
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Answer Posted / ravi ranjan
In the Books of ABC LTD.
XYZ A/c-------DR 180000
Discount A/c--DR 20000
To Sales A/C 200000
(Being goods sold@10 discount)
In the Books of XYZ LTD
Purchase A/C------DR 200000
TO disount 20000
To ABC A/C 180000
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