Tuesday, June 9, 2020

Journal Compound / Composite Entry

Define the Compound Journal Entry?


What do you mean by term 2/10 - n/30?



How to Record the Journal Entry?



Example

  • 01.03.2020 Bazigha started with cash Rs. 400,000, Building Rs. 1,200,000, Furniture Rs.  200,000, Van Rs. 900,000 and Goods worth 300,000
  • 02.03.2020 Sold Goods to Wania for Rs. 100,000 terms being 2/10 – n/30  And Sold Goods to Meerab for Rs. 100,000 terms being 2/10 – n/30  And Cash Sales of Rs. 100,000.
  • 03.03.2020 Bought Goods from Umair for Rs. 100,000 terms being 5/10 – n/30 And Bought Goods from Zubair for Rs. 100,000 terms being 3/10 – n/30 And Cash Purchases of Rs. 80,000.
  • 10.03.2020 Wania settled her account in full.
  • 11.03.2020 Paid to Umair and settled his account in full.
  • 15.03.2020 Meerab settled her account in full.
  • 16.03.2020 Paid to Zubair Rs. 98,500 and discount received Rs. 1,500
  • 20.03.2020 Sold goods to Shanza of list price of Rs. 25,000 subjects to a 20% trade discount.
  • 21.03.2020 Sold goods to Habiba for cash of Rs. 25,000 and allowed her discount 20%.
  • 25.03.2020 Paid Salaries Rs. 10,000, Utility Bills Rs. 5,000

Watch the Video to learn about Compound / Composite Journal Entry



Journal / Simple Journal Entry


What is Journal? / Define Journal?


How to record the following business transactions in the Journal?


Watch the following video to solve the above Example - I













Wednesday, April 22, 2020