Question

The following information relates Ndonga Traders for the month of Jan 2015.
Jan 1: Sold goods on credit worth Ksh. 100,000 to Maina, invoive No. 101
Jan 2:Sold goods to Wema traders on credit worth Ksh. 50,000 invoice No. 102
Jan 3:Maina returned goods of Ksh. 20000, credit note No. 206
Jan 4: Wema traders returned goods worth Ksh. 5000, credit note No. 207.
Required:
Prepare relevant journal entries, record the above transactions and then post to the relevant ledger accounts

Answer 1

Dr	Sales Journal			Cr
Date	Particular	Invoice	LF	Amount
Jan 1	Maina	101		100,000
2	Wema traders	102		50,000
	To sales A/c			150,000

Dr	Sales Return Journal(SRJ)			Cr
Date	Particular	Credit note	LF	Amount
Jan 3	Maina	106		20,000
4	Wema traders	107		5,000
	To sales returns A/c			25,000

Posting to ledger accounts|
General ledger

Dr	Sales A/C						Cr
Date	Particular	LF	Amount	Date	Particular	LF	Amount
				Jan 4	Maina	SJ	150,000

Dr	Sales Returns A/C						Cr
Date	Particular	LF	Amount	Date	Particular	LF	Amount
Jan 4	Total Debtors		25,000

Dr	Debtors(Maina) A/C						Cr
Date	Particular	LF	Amount	Date	Particular	LF	Amount
Jan 4	Sales		100,000	Jan 3	Sales returns		20,000

Dr	Debtors(Wema) A/C						Cr
Date	Particular	LF	Amount	Date	Particular	LF	Amount
Jan 2	Sales		50,000	Jan 4	Sales returns		50,000