Question 3:

1. A sales invoice totaling Rs 35,000 and dated January 14 has discount terms of 2/10, n/30. If it is paid on January 23 and if paid January 27, what would be the entry to record this transaction?
2. Record the following transactions in the cash receipts journal: (Format is given Below)

March: 3 Received Rs 6000 from J.Ballin settlement of her account

10 Received Rs 6150 from B. Elder in settlement of his account

14 Cash sales for a 2-week period, Rs 4,400

28 Sold Rs 2000 of office supplies to T.S Company (not a merchandise item)

30 Owner made an additional investment, Rs 15,000

30 Cash sales for the last two weeks, Rs 2600