Question
Following Trial Balance is given but it is not correct. Prepare correct Trial Balance.
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2018
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March 2
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Sold goods to Dilip of the list price of ₹ 62,000 for ₹ 60,000. |
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March 16
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Purchased goods costing ₹ 2,00,000 from Hari & Co. Paid 75% immediately by cheque to avail 4% discount. |
| March 20 | Sold goods to Vishal Traders costing ₹ 40,000 at 25% profit, allowing 10% trade discount and 10% cash discount. Received 80% payment immediately by cheque. |
| March 26 | Sold goods to Brij & Co. costing ₹ 50,000 at 40% profit, allowing 10% trade discount and 5% cash discount. Brij & Co. paid the full amount by cheque and availed cash discount. |
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2019
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Jan. 6
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Purchased goods from Henry for ₹ 50,000 on 10% trade discount and 4% cash discount and paid 60% amount by cheque. |
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Jan. 15
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Bought goods from Amit for ₹ 2,00,000 at terms 5% cash discount and 20% trade discount. Paid $\frac{3}{4}\text{th}$ of the amount in cash at the time of purchase.
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| Jan. 18 | Sold goods to Sherpa at the list price of ₹ 50,000 less 20% trade discount and 4% cash discount if the payment is made within 7 days. 75% payment is received by cheque on Jan. 23rd. |
| Jan. 25 | Sold goods to Garima for ₹ 1,00,000, allowed her 20% trade discount and 5% cash discount if the payment is made within 15 days. She paid $\frac{1}{4}\text{th}$ of the amount by cheque on Feb. 5th and 60% of the remainder on Feb. 15th in cash. |