Answer To: The assignments are in the files.
Harshit answered on Jul 11 2021
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
6,000
(Being goods...