You are required to pass necessary journal entries in the books of Mahesh: (i) Cheque amounting - 24,000 from Shankar in full settlement of his…

In the books of Mahesh Journal entries Particulars Dr. Amount ₹ Cr. Amount ₹ (i) Bank A/c Dr. 24,000 Discount allowed A/c Dr. 1,000 To Shankar A/c 25,000 (Being amount received from Shankar after allowing discount of 1,000). (ii) Drawings Dr. 9,000 To Purchases A/c 6,000 To Cash A/c 3,000 (Being goods and cash withdrawn for personal use). (iii) Free Samples/Sales promotion A/c Dr. 3,000 To Purchases A/c 3,000 (Being the goods distributes as free samples). (iv) Bank A/c Dr. 15,000 To Commission A/c 15,000 (Being commission received). Commission A/c Dr. 7,500 To Commission received in Advance A/c/ Prepaid Commission A/c 7,500 (Being commission received in advance adjusted). (v) Drawings A/c 18,500 To Petty Cash A/c 18,500 (Being the income tax of proprietor paid out of business money) (vi) Purchase A/c 13,500 To Bank A/c 13,300 To Discount Received A/c 200 (Being the goods purchased from Sunny for 15,000 @10% trade discount and cash discount of 200)