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Purchased merchandise on account of Rs 600,000 on account on Dec 03. Issued a cheque...

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Accounting

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.
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Q.No.2. Prepare general journal entries using periodic and perpetual inventory systems. (03 marks) 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 Paste your answer Picture here

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