The assignments are in the files.

Question

Harshit · Accepted Answer

Solution to Part-1
	 In the books of Brown Company
	Journal Entries for the period ending May
	Date
	Particulars
	Dr/Cr
	Amount
	Amount
	
	
	
	($)
	($)
	04-May
	Cash A/c
	Dr
	    1,20,000 
	 
	 
	    To Sales A/c
	Cr
	 
	    1,20,000 
	 
	(Being Sales made)
	 
	 
	 
	 
	 
	 
	 
	 
	04-May
	Cost of Goods Sold A/c
	Dr
	       95,000 
	 
	 
	    To Inventory A/c
	Cr
	 
	       95,000 
	 
	(Being inventory sold)
	 
	 
	 
	 
	 
	
	 
	 
	05-May
	Purchases A/c
	Dr
	       35,000 
	 
	 
	    To Black Co. A/c
	Cr
	 
	       35,000 
	 
	(Being goods purchased and freight paid)
	 
	 
	 
	 
	 
	 
	 
	 
	12-May
	Red Co. A/c
	Dr
	       15,000 
	 
	 
	    To Sales A/c
	Cr
	 
	       15,000 
	 
	Being goods sold on credit)
	 
	 
	 
	 
	 
	 
	 
	 
	12-May
	Cost of Goods Sold A/c
	Dr
	         6,000 
	 
	 
	    To Inventory A/c
	Cr
	 
	         6,000 
	 
	(Being inventory sold)
	 
	 
	 
	 
	 
	
	 
	 
	13-May
	Sales Return A/c
	Dr
	         3,000 
	 
	 
	    To Red Co. A/c
	Cr
	 
	         3,000 
	 
	(Being goods returned by Red Co.)
	 
	 
	 
	 
	 
	 
	 
	 
	13-May
	Inventory A/c
	Dr
	         1,200 
	 
	 
	    To Cost of Goods Sold A/c
	Cr
	 
	         1,200 
	 
	(Being proportionate amount of Inventory increased due to sales return)
	 
	 
	 
	 
	 
	
	 
	 
	14-May
	Black Co. A/c 
	Dr
	       34,300 
	 
	 
	    To Bank A/c
	Cr
	 
	       34,300 
	 
	(Being amount paid)
	 
	 
	 
	 
	 
	
	 
	 
	22-May
	Yellow Co. A/c 
	Dr
	       70,000 
	 
	 
	    To Sales A/c
	Cr
	 
	       70,000 
	 
	(Being goods sold)
	 
	 
	 
	 
	 
	 
	 
	 
	22-May
	Cost of Goods Sold A/c
	Dr
	       35,000 
	              -   
	 
	    To Inventory A/c
	Cr
	              -   
	       35,000 
	 
	(Being inventory sold)
	 
	 
	 
	 
	 
	
	 
	 
	25-May
	Sales Return A/c
	Dr
	         6,000 
	 
	 
	    To Black Co. A/c
	Cr
	 
	         6,

The assignments are in the files.

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