Question

Goods purchased from Ramlal and Sons Rs. 6,00,000

27 Aug 2021
Answer :
Word Count : 704

In financial accounting, purchases represent the acquisition of goods or services by a business for resale or use in production. When goods are purchased, they are recorded as an expense or an asset, depending on the nature of the business. The transaction involving the purchase of goods from "Ramlal and Sons" for Rs. 6,00,000 would be recorded in the books of the purchasing business under specific accounts according to the double-entry accounting system.

In this case, the amount of Rs. 6,00,000 represents a purchase transaction, which would generally be recorded as follows:

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Related Questions

Amount payable to Subhash for repairs done to Radio Rs. 180 and a new Radio supplied for Rs. 1920 were entered in the Purchase book as Rs. 2000.

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An Accountant finds the difference in the Trial Balance amounting to Rs. 210 and put it in the Suspense Account. Later on he detects the following errors. Rectify the errors and prepare the suspense Account.

Goods purchased from Ramlal and Sons Rs. 6,00,000

Oswal Mills Barnala consigned 5000 kg of vanaspati ghee to Rajendra Dealers of Panipat. Each kg. Ghee costs Rs. 8. Oswal Mills paid Rs. 50 for carriage, Rs. 250 for freight and Rs. 200 for insurance in transit. During transit 500 kg. Ghee was accidentally destroyed for which insurance company paid directly to the consignor Rs. 2500 in full settlement of the claim. After 3 month from the date of consignment of goods to Panipat, Rajendra Dealers reported that 1500 kg. Ghee was sold at Rs. 9.5 per kg. The expenses were: On Godown Rent Rs. 500, On Salesman Salary Rs. 700. Rajendra dealers are entitled to a commission of 5% on sales. Due to leakage, Rajendra Dealers also reported a loss of 20 kg. Ghee. Prepare consignment account and abnormal loss account in the books of the Consignor.

International Financial Reporting Standards (IFRS)

On 1st April 2016, Chaudhary Harpal Singh purchased a Tractor of the cash price of Rs. 2,20,000 on hire-purchase system from Escorts Ltd. Rs. 20,000 were paid immediately and the balance in 4 annual instalments of Rs. 50,000 each with interest at 8% per annum. The depreciation is to be charged at 10% p.a. on written down value method. Harpal Singh paid 2 instalments and failed to pay the third instalment. Escorts Ltd. took away the tractor by paying him Rs. 90,000 in cash. Make necessary ledger accounts in the books of Harpal Singh. Books are closed on 31st March every year

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