Journal entry

This query is : Resolved

Nishant Kumar (Querist)
Follow

10 June 2017 Please tell what the journal entry of the following transactions will be in the books of Ashoka Furniture Traders:

January 31: Sold furniture to Rakesh on the list price of Rs. 10,000 and allowed him 10% Trade Discount.
January 31: Old furniture valued at Rs. 500 was taken from Rakesh in Exchange.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

10 June 2017 For first transaction
Dr: Rakesh Rs. 9000
Dr: Discount Rs.1000
Cr: Sale of furniture a/c 10000

For 2nd transaction
Dr: Purchase of furniture a/c Rs.500
Cr: Rakesh A/c Rs.500