Question
On 15th of June, Samsung made credit sales of OMR 175,000 to Lulu Hypermarket and received 20 % money on the day of sale. The
On 15th of June, Samsung made credit sales of OMR 175,000 to Lulu Hypermarket and received 20 % money on the day of sale. The credit policy of the company is 2/10.
Samsung received OMR 30,000 from Lulu Hypermarket on 21st June.
On 25th June Lulu Hypermarket returns goods of OMR 9,000 due to defects.
Further, the company received OMR 35,000 from Lulu Hypermarket on 28th June.
On 29th June the company sold goods to Nesto for OMR 30,000 with accredit policy of 1/10.
Goods worth OMR 6,000 were returned by Lulu Hypermarket on 30th June and the company paid cash.
On 4th July Nesto paid OMR 12,000
On 5th of July the company received OMR 30,000 from Lulu Hypermarket, but as the market condition was not good so the company gave a discount of 10 %.
On 8th July the company received OMR 20,000 from Lulu Hypermarket
The company received OMR 8,000 from Nesto on 12th July
On 18th July the company received OMR 20,000 from Lulu Hypermarket
Lulu Hypermarket paid the remaining amount to the company on 29th July
On 1st August, Nesto returned goods worth OMR 2,000
On 3rd August the company made a credit sales of OMR 20,000 to Karama Hypermarket with a credit term of 1/7.
7th August Karama Hypermarket paid 50% of the money of the goods purchase.
Nesto paid the balance money on 10th August.
On 12th August Karama Hypermarket returned goods of OMR 1,000
Karama Hypermarket paid the balance amount in three equal installments on 15th August, 25th August and 30th August.
Required: Pass the necessary journal entries for the above transactions
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started