Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare general journal entries using periodic and perpetual inventory systems. Purchased merchandise on account of Rs 600,000 on account on Dec 03. Issued a cheque

Prepare general journal entries using periodic and perpetual inventory systems.

Purchased merchandise on account of Rs 600,000 on account on Dec 03. Issued a cheque in payment of freight on the purchase of Rs. 5000 on Dec. 03. On Dec 4, returned to supplier merchandise purchased on Dec 3, of Rs 60,000. Sold merchandise on account of Rs 800,000 at 40 % gross profit on Dec 05. On Dec 07, merchandise sold on Dec 05 returned by the customer Rs. 50,000. On Dec 31st, merchandise physical count stands for amount Rs. 95,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions