transaction for keshiha general store for the month of december 2007

dec1 purchased inventory on credit from sunway store for 3600 plus GST 10%, terms n/30
inventory 3600 (dr)
gst payable 360 (dr)
acc. payable 3960 (cr)
-Dec 1 Sunway store granted purchase allowance of $200 on inventory purchased on 2 october

dec1 account payable 200 (debit)
purchase allowance 200 (credit)

-dec 15 returned goods $600 (cost price $320)

sales return n allowance 600 (dr)
GST payable 60 (dr)
acc. receivable 660 (cr)

inventory 320 (dr)
cost of goods sold 320 (cr)


-dec24 cash refunds of $110 (exclusive of GST) for sales allowance of goods sold on 22 october

-dec 29 rudi settled his account
sales rev 4000(dr)
GST 400 (dr)
acc. receivable 4400 (Cr)
Cost og goods sold 2200 (dr)
inventory 2200 (cr)


- dec 30 Keshiha settled sunway store's account
acc. payable 3760(dr)
cash at bank 360 (cr)