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purchased a laptop for Rs.50000 and received one calculator
costing Rs.1000 for free. Both laptop and calculator
(stationery in nature) are meant for office use.What will
be the journal entry in the books of both the parties?
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Answer / nurulla
for buyer
laptop a/c dr 5000
calculator a/c dr 1000
to cash a/c 5000
to discount recevied a/c 1000
(narration: for being of purchasing of fixed assets like
machinery,computer etc it should be debit the particluer
a/c only)
for seller
cash a/c 5000
discount allowed 1000
to sales a/c 6000
| Is This Answer Correct ? | 16 Yes | 5 No |
Answer / vikram reddy
The Journal Entry is:
Laptop A/c 50000Dr.
Calculator A/c 1000 Dr.
Discount Allowed A/c 1000 Cr.
Cash/Bank A/c 50000 Cr.
| Is This Answer Correct ? | 15 Yes | 5 No |
Answer / kamal
Laptop a/c ..... Dr 50000
To cash a/c 50000
instant the above entry you can use one more entry for
buyers
Stationary a/c ....... Dr 0
To cash a/c 0
note: above two entris any one entry can use the accountant
in day book
For seller
cash a/c Dr 49000
To Laptop a/c 49000
cash a/c ....... Dr 1000
To Stationary a/c 1000
Note : the seller is not use combined entry because the
sellers must entry particular item to know how to sell
occurs.
(
| Is This Answer Correct ? | 2 Yes | 1 No |
laptop a/c dr 49000
to cash/bank 49000
there shuld be no entry for calculater bcoz it comes under trade offer and for trade offer or trade discount. thereb should be no entry.
for further query plz contact me on mdshahid.raza@rediffmail.com
take care
shabba khair
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / jitender
purchaser books
laptop (assets) a/c Dr. 50000
to cash/bank a/c 50000
in seller books
cash/bank a/c dr. 50000
to sales a/c 50000
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / ankur nigam
For Purchaser
Purchases a/c 50000
To Cash a/c 50000
For Seller
Cash a/c
To Sales a/c
There will be no entry for the calculator since its free.
| Is This Answer Correct ? | 15 Yes | 15 No |
Answer / mahesh
Computer (fixed asset) 50000 dr.
to Seller a/c. 50000 Cr.
acually purchasing of calculator comes under printing &
stationary so expense can't be booked.No need to take entry
for calculator as it is free & having no big value.
| Is This Answer Correct ? | 3 Yes | 3 No |
Answer / d.r. prajapat
for purchers
assets a/c Dr. 50000
To cash/Bank 50000
( being laptop pur.)
Note- calculator cost is not maintand by the purchers
because it is a Free in laptop)
for sellers
cash/bank a/c dr. 50000
To laoptop 50000
Note.Calculator cost for the seller a exp. so its cost
including in laptop cost.so its like a exp. for seller
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / jay prakash singh
Laptop(purchase) a/c dr. 50000
Calculator( free, as an assets) a/c dr. 0
To cash a/c 50000
(being Laptop purchase by cash and calcutor recived as a
gift item)
Note:- Calcutor is a gift item so they have no cost as a
accounting method.
| Is This Answer Correct ? | 2 Yes | 2 No |
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DEPRECIATION
2. A budgeted profit statement of a company working at 75% capacity is provided to you 2 below, Sales 9,000 units at Rs. 32 Rs. 2,88,000 Less: Direct materials Rs. 54,000 Direct wages 72,000 Production overhead: fixed 42,000 variable 18,000 1,86,000 Gross profit 1,02,000 Less: Administration, selling and distribution costs: fixed 36,000 varying with sales volume 27,000 63,000 Net profit 39,000 You are required to: (a) Calculate the breakeven point in units and in value. (b) It has been estimated that: (i) if the selling price per unit were reduced to Rs. 28, the increased demand would utilise 90% of the company's capacity without any additional advertising expenditure, and (ii) to attract sufficient demand to utilise full capacity would require a 15% reduction in the current selling price and a Rs. 5,000 special advertising campaign. You are required to present a statement showing the effect of the two alternatives compared with the original budget and to advise management which of the three possible plans ought to be adopted, i.e., the original budget plan or (i) above or (ii) above. (c) An independent market research study shows that by spending Rs. 15,000 on a special advertising campaign, the company could operate at full capacity and maintain the selling price at Rs. 32 per unit. You are required to: (i) Advise management whether this proposal should be adopted.
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