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(C) Prepare Journal Entries for the following transactions in the books of Annamalai Bros. ...

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Accounting

(C) Prepare Journal Entries for the following transactions in the books of Annamalai Bros.
(i) Employees had taken stock worth 20,000(Cost price 15,000) on the eve of Deepan and the same was deducted from their salaries in the subsequent month.
(ii) Wages paid for erection of Machinery 16,000.
(iii) Income tax liability of proprietor 3,400 was paid out of petty cash.
(iv) Purchase of goods from Naveen of the list price of 4,000. He allowed 10% trade discou 100 cash discount was also allowed for quick payment.
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