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

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.

Answer / asif

purchase a/c. 50000
to cash 50000

calculator could not
added. becouse that is
free of cost

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.
(

Answer / shahid raza

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

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

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.

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.

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

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.

Pls tell me the basic rules of accounts for interview in finanace or accounts section

0 Answers   Genpact, IBM,

WHAT IS DEPRICIATION?

8 Answers   Genpact,

Explain how the following transactions would be recorded in a cash book with Cash and Bank columns? i) Deposit of cash into Bank ii) Withdrawal of money from Bank for office use iii) Deposit of cheques (received from others) into Bank iv) Dishonour of cheques deposited into Bank I need a detailed answer..thanks..

3 Answers   ABC, Aroma, College School Exams Tests, IDA, Ignou,

what is difference between rebate and discount? generally in bill of exchange accounting

1 Answers  

What is recording damage inventory in books of account?

0 Answers  

how to deduct tds on income from other sources with examples

0 Answers   Wipro,

If we started new project of Housing with Construction linked payment plan . How can booked our revenue or Sales .

0 Answers  

How much statistics knowledge is necessary or required in accounting?

0 Answers  

Name three (3) fixed-income security data points, which are different from those provided for equity securities

2 Answers   Shore Infotech,

Tell me what is gaap?

0 Answers  

simple meaning of debit and credit...?

3 Answers   PWC,

Where the financial accounting fails the cost accounting for is rescue but still there are some limitations deficiencies in the system?

0 Answers