Question
What is the purpose of contra entry?
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2017
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Jan. 10
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Purchased goods from Ghanshyam of the list price of ₹ 50,000 at 15% trade discount.
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Jan. 13
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Returned goods to Ghanshyam of the list price of ₹ 2,000
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Jan. 15
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Paid cash to Ghanshyam ₹ 40,000 in full settlement of his account.
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Jan. 20
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Purchased goods from Raghu of the list price of ₹ 60,000 at 10% trade discount.
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Jan. 22
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Returned goods to Raghu of the list price of ₹ 5,000
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Jan. 25
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Paid cash to Raghu ₹ 49,000 in full settlement of his Account.
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(₹)
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(a)
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Started Business with Cash
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1,20,000
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(b)
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Purchased goods for cash
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10,000
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(c)
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Rent received
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5,000
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(d)
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Salary outstanding
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2,000
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(e)
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Received interest
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700
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(f)
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Sold goods for cash (costing ₹ 5,000)
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7,000
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(g)
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Goods destroyed by fire
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500
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