Question 1: Journalise the following Transactions
in the books of Rajan of Delhi:
(i) Sold
goods t to Krishna of Delhi at the list price 20,000 less trade discount 10%
add CGST and SGST @ 9% each., and allowed cash
discount 5%, He paid the amount immediately.
(ii) Supplied goods costing ` 6,000 to Mohan of Kolkata issued
invoice at 10% above Cost
less 5% trade discount plus 1GST@ 18%.
(iii) Goods valued at ` 2,500 distributed from stock as
samples, as part of an advertising campaign. These goods were purchased paying
CGST and SGST @ 9% each.
(iv) Sold goods costing` 1,00,000 to
Anil of Delhi at a profit of 20% on sales less 20% Trade
Discount plus CGS'T and SGST @ 9%
each.
Answer:
|
JOURNAL OF RAJAN |
|||||
|
Date
|
Particulars
|
|
L.F. |
Dr. (`) |
Cr. (`) |
|
(i) |
Cash
A/c Discount
Allowed A/c To Sales A/c To
Output CGST A/c To Output SGST A/c |
Dr. Dr. |
|
20,178 900 |
18,000 1,539 1,539 |
|
|
(Being
the goods of list price `
20,000 sold, charged CGST and SGST @ 9% each, allowed 10% trade discount and
5% cash discount) (WN 1) |
|
|
|
|
|
(ii) |
Mohan
|
Dr. |
|
7,399 |
|
|
|
To Sales A/c |
|
|
|
6,270 |
|
|
To Output IGST A/c |
|
|
|
1,129 |
|
|
(Being
the goods supplied of list price ` 6,600 (`
6,000 + 10% of `6,000) plus IGST @ 18%, allowed 5% trade
discount (i.e., `6,600 – `330)) (WN 2) |
|
|
|
|
|
(iii) |
Advertisement/Samples/Sales
Promotion Expenses A/c |
Dr. |
|
2,950 |
|
|
|
To Purchases A/c |
|
|
|
2,500 |
|
|
To Input CGST A/c |
|
|
|
225 |
|
|
To Input SGST A/c |
|
|
|
225 |
|
|
(Being
the goods distributed as samples, Input CGST and Input SGST reversed) (WN 3) |
|
|
|
|
|
(iv) |
Anil
|
Dr. |
|
1,18,000 |
|
|
|
To Sales A/c |
|
|
|
1,00,000 |
|
|
To output CGST A/c |
|
|
|
9,000 |
|
|
To output SGST A/c |
|
|
|
9,000 |
|
|
(Being
the goods sold on credit, charging CGST and SGST @ 9% each) (WN 4) |
|
|
|
|
Working notes:
|
WN 1. |
|
|
List Price |
20,000 |
|
Less: Trade Discount @ 10% |
2,000 |
|
|
18,000 |
|
Less: Cash Discount @ 5% of ` 18,000 |
900 |
|
|
17,100 |
|
Add: CGST @ 9% of ` 17,100 |
1,539 |
|
SGST @ 9% of ` 17,100 |
1,539 |
|
Net Amount |
20,178 |
|
|
|
|
WN 2. |
|
|
Cost of Goods Sold |
6,000 |
|
Add: Mark-up (10%) |
600 |
|
|
6,600 |
|
Less: Trade Discount (5%) |
330 |
|
|
6,270 |
|
Add: IGST @ 18% |
1,129 |
|
Net Amount |
7,399 |
|
WN 3. |
|
|
Cost of Goods given as Samples |
2,500 |
|
Add: CGST |
225 |
|
SGST |
225 |
|
Total |
2,950 |
|
|
|
|
WN 4. |
|
|
Cost of Goods Sold |
1,00,000 |
|
Add: Profit on Cost* (25%) |
25,000 |
|
|
1,25,000 |
|
Less: Trade Discount (20%) |
25,000 |
|
Sale Value Add: Output CGST |
1,00,000 9,000 |
|
Output SGST |
9,000 |
|
|
1,18,000 |
|
If Sales is ` 100; Profit = 20% on Sales = ` 20; Cost = ` 80 Therefore, Profit on Cost (%) = `20× 100 / `80= 25%. |
|
Question 2: Journalise the following transactions in the books of
Gupta Bros., Lucknow (UP):
|
March 2 |
Pad into bank |
20,000 |
|
March 3 |
Bought goods from Mohan Bros., Lucknow
on credit |
7,000 |
|
March 4 |
Sold goods to Goyal
Bros, Kanpur (UP) on credit |
6,000 |
|
March 5 |
Bought a computer against cheque |
20,000 |
|
March 7 |
Received from salesman for goods sold
by him |
11,800 |
|
March 10 |
Goyal Bros. gave cheque; deposited in the bank |
7,080 |
|
March 11 |
Paid to Mohan Bros. by cheque |
6,700 |
|
|
Discount allowed by him |
300 |
|
March 13 |
Received an order for goods along with
advance of 1,000 in cash from Mahesh |
5,000 |
|
March 15 |
Interest received from bank |
400 |
|
March 20 |
Bank intimates that the cheque of Goyal Bros. is returned dishonoured |
|
|
March 22 |
Paid rent by cheque |
600 |
Note: CGST
and SGST is levied @9% each on intra-state (within the state) sale and purchase
and IGST is levied @ 18% on inter-state (Outside the state) sale and purchase.
Answer:
|
|
JOURNAL OF GUPTA BROS |
|
||||
|
Date |
Particulars |
L.F. |
Dr. (`) |
Cr. (`) |
||
|
2022 |
Cash A/c Stock A/c Furniture A/c To Capital A/c (Being the business started with cash, stock and furniture) |
Dr. Dr. Dr. |
|
|
|
|
|
March 1 |
30,000 |
|||||
|
|
15,000 |
|||||
|
|
20,000 |
|||||
|
|
|
65,000 |
||||
|
March |
2 |
Bank A/c To Cash A/c (Being the cash paid in bank) |
Dr. |
20,000 |
|
|
|
|
|
20,000 |
||||
|
March |
3 |
Purchases A/c Input CGST A/c Input SGST A/c To Mohan Bros. (Being the goods purchased from Mohan Bros., Lucknow payable CGST and
SGST @ 9% each) |
Dr. Dr. Dr. |
7,000 |
|
|
|
|
|
630 |
||||
|
|
|
630 |
||||
|
|
|
8,260 |
||||
|
March |
4 |
Goyal Bros. To Sales A/c To Output CGST A/c To Output SGST A/c (Being the goods sold to Goyal Bros., Kanpur
and charged CGST and SGST @ 9% each) |
Dr. |
7,080 |
|
|
|
|
|
6,000 |
||||
|
540 |
||||||
|
540 |
||||||
|
March |
5 |
Computer A/c Input CGST A/c Input SGST A/c To Bank A/c (Being the computer purchased, paying CGST and SGST @ 9% each) |
Dr. Dr. Dr. |
20,000 |
|
|
|
|
|
1,800 |
||||
|
|
|
1,800 |
||||
|
|
|
23,600 |
||||
|
March |
7 |
Cash A/c To Sales A/c To Output CGST A/c To Output SGST A/c (Being the cash received from salesman) |
Dr. |
11,800 |
|
|
|
|
|
10,000 |
||||
|
900 |
||||||
|
900 |
||||||
Click below for more Questions
Ts Grewal Solution 2022-2023
Class 11th
Chapter 12 – Accounting of Goods and Services Tax (GST)
Question No. 1 and 2
Question No. 3 and 4
Question No. 5 and 6
Question No. 7 and 8
Click on below links for
12th TS Grewal’s Accountancy Solutions