The following are the selected transactions which were performed by a trading organization during January 2021: Nov. 1 Merchandise was purchased costing Rs. 150,000 on account Nov. 1 Transportation was paid Rs. 800 for transporting the merchandise which was purchased as mentioned above. Nov. 5 Merchandise, which was purchased on account on Nov. 1, was returned to the supplier Rs. 3000 Nov. 8 Merchandise was sold to a customer for Rs. 80,000 for cash costing Rs. 60,000 Nov. 10 Some goods, which were sold on Nov. 8 for cash, were returned from the customer. The selling price of the returned goods was Rs. 10,000 and cost was Rs. 7500. Required: Record the above transactions in General Journal assuming periodic inventory system and then assuming perpetual inventory system.
2. The following are the selected transactions which were performed by a trading organization
during January 2021:
Nov. 1 Merchandise was purchased costing Rs. 150,000 on account
Nov. 1 Transportation was paid Rs. 800 for transporting the merchandise which was purchased
as mentioned above.
Nov. 5 Merchandise, which was purchased on account on Nov. 1, was returned to the supplier
Rs. 3000
Nov. 8 Merchandise was sold to a customer for Rs. 80,000 for cash costing Rs. 60,000
Nov. 10 Some goods, which were sold on Nov. 8 for cash, were returned from the customer. The
selling price of the returned goods was Rs. 10,000 and cost was Rs. 7500.
Required:
Record the above transactions in General Journal assuming periodic inventory system and then
assuming perpetual inventory system.
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