State the correct double entry for each of the following transactions: (i) Company X settled…

State the correct double entry for each of the following transactions: (i) Company X settled Rs.50,000/- payable to Udana, a trade creditor after deducting a discount of Rs.3,750/-. (ii) The owner of the business has taken Rs.3,000/- in cash from the business for his personal use. (iii) Company Y purchased a motor vehicle worth Rs.1,500,000/- by issuing a cheque for Rs.750,000/-. The balance amount is to be paid within 30 days. (06 marks)

 

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