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):
|
2024 |
||
|
March
1 |
Started
business with cash `30,000; goods `15,000
and furniture `20,000 |
|
|
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. (`) |
|
2024 |
Cash A/c |
Dr. |
|
|
|
|
March 1 |
Stock A/c
|
Dr. |
|
30,000 |
|
|
|
Furniture
A/c |
Dr. |
|
15,000 |
|
|
|
To Capital A/c |
|
|
20,000 |
|
|
|
(Being
the business started with cash, stock and furniture) |
|
|
|
65,000 |
|
March |
Bank A/c |
Dr. |
|
20,000 |
|
|
|
To Cash A/c |
|
|
|
20,000 |
|
|
(Being
the cash paid in bank) |
|
|
|
|
|
March |
Purchases
A/c |
Dr. |
|
7,000 |
|
|
|
Input
CGST A/c |
Dr. |
|
630 |
|
|
|
Input
SGST A/c |
Dr. |
|
630 |
|
|
|
To Mohan Bros. |
|
|
|
8,260 |
|
|
(Being
the goods purchased from Mohan Bros., Lucknow
payable CGST and SGST @ 9% each) |
|
|
|
|
|
March |
Goyal Bros. |
Dr. |
|
7,080 |
|
|
|
To Sales A/c |
|
|
|
6,000 |
|
|
To Output CGST A/c |
|
|
|
540 |
|
|
To Output SGST A/c |
|
|
|
540 |
|
|
(Being
the goods sold to Goyal Bros., Kanpur and charged
CGST and SGST @ 9% each) |
|
|
|
|
|
March 5 |
Computer
A/c |
Dr. |
|
20,000 |
|
|
|
Input
CGST A/c |
Dr. |
|
1,800 |
|
|
|
Input
SGST A/c |
Dr. |
|
1,800 |
|
|
|
To Bank A/c |
|
|
|
23,600 |
|
|
(Being
the computer purchased, paying CGST and SGST @ 9% each) |
|
|
|
|
|
March 7 |
Cash A/c |
Dr. |
|
11,800 |
|
|
|
To Sales A/c |
|
|
|
10,000 |
|
|
To Output CGST A/c |
|
|
|
900 |
|
|
To Output SGST A/c |
|
|
|
900 |
|
|
(Being
the cash received from salesman) |
|
|
|
|
|
March 10 |
Bank A/c |
Dr. |
|
7,080 |
|
|
|
To Goyal Bros. |
|
|
|
7,080 |
|
|
(Goyal Bros. gave cheque,
deposited in the bank) |
|
|
|
|
|
March 11 |
Mohan Bros. |
Dr. |
|
7,000 |
|
|
|
To Bank A/c |
|
|
|
6,700 |
|
|
To Discount Received A/c |
|
|
|
300 |
|
|
(Being Paid to Mohan Bros. by cheque, Discount
allowed by him) |
|
|
|
|
|
March 13 |
Cash A/c |
Dr. |
|
1,000 |
|
|
|
To Mahesh |
|
|
|
1,000 |
|
|
(advance of 1,000 in cash received from Mahesh) |
|
|
|
|
|
March 15 |
Bank A/c |
Dr. |
|
400 |
|
|
|
To
Bank Interest A/c |
|
|
|
400 |
|
|
(Being Interest received from bank) |
|
|
|
|
|
March 20 |
Goyal Bros. |
Dr. |
|
7,080 |
|
|
|
To
Bank A/c |
|
|
|
7,080 |
|
|
(Being the cheque of Goyal
Bros. is returned dishonoured) |
|
|
|
|
|
March 22 |
Rent A/c |
Dr. |
|
600 |
|
|
|
To
Bank A/c |
|
|
|
600 |
|
|
(Being rent paid by cheque) |
|
|
|
|
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Ts Grewal Solution 2024-2025
Class 11th
Chapter 12 – Accounting of Goods and Services Tax (GST)