12 May 2024
Furniture shop owner purchase furniture 500000 from XYZ Ltd payment terms 2%CD will be allowed if we pay within 10 days otherwise bill is due in next 30 days as an accountant you realised that company do not have sufficient funds to pay within 10 days. Company owner has made payment his personal bank account 490000 within 10 days and distribute purchase as follows 400000 company warehouse for business 75000 company office purpose 20000 for windows display for marketing purposes 5000 owner personal use What are journal entries?
CAclubindia
