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Periodic system T here are two types of transactions in merchandising company: 1. purchase related transactions 2. sells related transactions
b. Payment of freight Jan 2 Paid freight cost on merchandising purchase to X company of Tk 2000/= 2-Jan merchandise inventory Cash 2000 2000
c. Return of merchandise previously purchased: Jan 4: returned damaged merchandise to X company of Tk 10000/= 4-Jan account payable merchandise inventory 10000 10000
d. Payment of account payable for previously purchased merchandise: Jan 30: paid in full to X company of Tk 50000/= 30-Jan account payable Cash 50000 50000
If this payment is made within jan 10 on 2/10 condition then the following transactions Takes place:
30-Jan
b. Payment of freight: On Jan 11: paid freight of Tk 2000/11-Jan freight out cash 2000 2000
c. Return of merchandise: Jan 13: received damaged merchandise returned by company A amounting of Tk 10000/-. The damaged merchandise has a scrap value of Tk 3000/13-Jan sales return & allowances account receivable merchandise inventory cost of goods sold 10000 10000 3000 3000
d. Collection of account receivable: Jan 21: collected accounts receivable from company A in full, less discount. 21-Jan cash sales discount account receivable 49000 1000 50000
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