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11th | Accounting of Goods and Services Tax (GST) | Question No. 3 and 4 | Ts Grewal Solution 2022-2023

Question 3: Journalise the following in the books of Amit Saini, Gurugram (Haryana):


(i) Goods of ` 5,000, out of goods purchased within the state, were taken by him for personal use.

(ii) ` 2,000 due from Sohan were bad debts.

(ii) Goods of ` 6,000 were destroyed by fire and were not insured. These goods were purchased from outside the state.

(iv) Paid 4,000 in cash as wages on installation of machine. (GST is not to be levied.)

(v) Sold goods to Arjun of Delhi of list price ` 20,000. Trade discount @ 10% and cash discount of 5% was allowed. He paid the amount on the same day and availed the cash discount.

(vi) Received `2,000 from Ramesh, whose account was written off as bad debts.

(vii) Goods costing ` 1,000 given as charity. These goods were purchased from within the state.

(viii) Received `9,750 from Ramesh in full settlement of his account of ` 10,000.

(ix) Paid rent in advance `4,000.

CGST and SGST is to be levied on intra-state sale @ 6% each and IGST 12% on inter-state sale.

 

Answer:


JOURNAL OF AMIT SAINI, GURUGRAM (HARYANA)

Date

Particulars

 

L.F.

Dr. (`)

Cr. (`)

(i)

Drawings A/c

    To Purchases A/c

    To Input CGST A/c

    To Input SGST A/c

(Being the goods withdrawn for personal use, GST reversed)

Dr.

 

5,600

 

5,000

300

300

(ii)

Bad Debts A/c

    To Sohan

(Being the bad debts recorded)

Dr.

 

2,000

 

2,000

(iii)

Loss of Goods by Fire A/c

    To Purchases A/c

    To Input IGST A/c

(Being the goods lost by fire, IGST reversed)

Dr.

 

6,720

 

6,000

720

(iv)

Machinery A/c

    To Cash A/c

(Being the wages for installation of machine paid)

Dr.

 

4,000

 

4,000

(v)

Cash A/c

Discount Allowed A/c

      To Sales A/c

To Output IGST A/c

(Being the inter-state sale of goods for cash) (WN)

Dr.

Dr.

 

19,152

900

 

 

18,000

2,052

(vi )

Cash A/c

    To Bad Debts Recovered A/c

(Being the bad debts recovered)

Dr.

 

2,000

 

2,000

(vii)

Charity A/c

To Purchases A/c

To Input CGST A/c

To Input SGST A/c

(Being the goods given as charity, GST reversed)

Dr.

 

1,120

 

1,000

60

60

(viii )

Cash A/c

Discount Allowed A/c

    To Ramesh

(Being the cash received and discount allowed)

Dr.

Dr.

 

9,750

250

 

 

10,000

(ix)

Advance Rent A/c

Input CGST A/c

Input SGST A/c

    To Cash A/c

(Being the advance rent paid)

Dr.

Dr.

Dr.

 

4,000

240

240

 

 

 

4,480

 

Question 4: Journalise the following transactions in the books of Mohan, Delhi:


(i) Raj of Alwar, Rajasthan who owed Mohan 25,000 became insolvent and received 60 paise in a rupee as full and final settlement.

(ii) Mohan owes to his landlord  ` 10,000 as rent. GST payable @ 6% each.

(iii) Charge depreciation of 10% on furniture costing `50,000.

(iv) Salaries due to employees `20,000.

(v) Sold to Sunil goods in cash of `10,000 less 10% trade discount plus CGST and SGST @ 6% each and received a net of ` 8,500 plus CGST and SGST.

(vi) Provided interest on capital of ` 1,00,000 @ 10% per annum.

(vii) Goods lost in theft ` 5,000, which were purchased paying IGST @ 12% from Alwar, Rajasthan.

 

Answer:


 

JOURNAL OF MOHAN, DELHI

Date

Particulars

L.F.

Dr. (`)

Cr. (`)

(i)

Cash A/c

Bad Debts A/c

  To Raj

(Being the cash received and bad debts recorded)

Dr.

Dr.

 

15,000

10,000

 

 

25,000

(ii)

Rent A/c

Input CGST A/c

Input SGST A/c

   To Outstanding Rent A/c

(Being the outstanding rent)

Dr.

Dr.

Dr.

10,000

600

600

 

 

 

11,200

(iii)

Depreciation A/c

  To Furniture A/c

(Being the depreciation charged)

Dr.

5,000

 

5,000

(iv)

Salaries A/c

  To Outstanding Salaries A/c

(Being the outstanding salaries to staff)

Dr.

20,000

 

20,000

(v)

Cash A/c

Discount Allowed A/c

  To Sales A/c

  To Output CGST A/c

  To Output SGST A/c

(Being the goods sold for cash, GST charged) (WN)

Dr.

Dr.

9,520

500

 

 

9,000

510

510

(vi)

Interest on Capital A/c

  To Capital A/c

(Being the interest on capital provided)

Dr.

10,000

 

10,000

(vii)

Loss of Stock by Theft A/c

  To Purchases A/c

  To Input IGST A/c

(Being the loss of goods by theft, Input IGST reversed)

Dr.

5,600

 

5,000

600



 


Working Note:

 

 

 (Transaction V)

`

List Price

10,000

Less: Trade Discount (10%)

1,000

 

9,000

Less: Cash Discount (5%)

500

 

8,500

Add: Output CGST

510

Output SGST

510

Invoice Value

9,520

 

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Ts Grewal Solution 2022-2023

Class 11th

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