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11th | Accounting of Goods and Services Tax (GST) | Question No. 1 and 2 | Ts Grewal Solution 2022-2023

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

 

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