Question 5: Pass Journal
entries in the books of Puneet, Delhi for the
following:
(i) Received an order from Karan & Co. for supply of
goods of `50,000.
(ii)
Received an order from AK& Co. for goods of `1,00,000 along with a cheque for `25,000
as advance.
(iii)
Paid to staff `40,000 against outstanding salaries of
60,000.
(iv)
Sold
goods to Bharat, Kaithal (Haryana) of `10,000
plus IGST @ 12% out of which 1/5th were returned by Bharat being defective.
(v)
Cheque of `20,000 issued by
Feroz was dishonoured.
(vi)
Received
40 paise in a rupee from Feroz
against the above dues.
(vi) Received a cheque of `25,000
from Mohan after banking hours.
(viii)
Purchased goods from Barun of Chandigarh of 10,000
plus IGST @ 12% and sold them to Arun of Shimla (HP) at `22,400,
including IGST @ 12%.
(ix)
Arun returned goods of `6,720, including
IGST which were returned to Barun.
(x)
Puneet purchased 10 TV sets @ `20,000
per set and paid IGST@ 12%. It sold all the sets @ 25,000 per set plus CGST and
SGST @ 6% each.
(xi)
Paid insurance of `11,200 including CGST and SGST @ 6% each
for a period of one year.
(xii)
Sold personal car for `1,00,000 and
invested the amount in the firm.
(xiii)
Goods costing 1,00,000 were destroyed in fire.
Insurance company admitted the claim for `75,000. These
goods were purchased within Delhi paying CGST and SGST @ 6% each.
(xiv)
Purchased machinery for `56,000 including IGST of `6,000
and paid cartage there on `5,000 and
installation charges `10,000.
(xv)
Goods costing `40,000 sold to Kapil
at a profit of 20% on sales less 10% Trade discount
plus CGST and SGST @
6% each and received a cheque under 2% cash discount.
(xvi)
Purchased machinery from New Machinery House for 50.000 and paid it count draft
from bank. Paid bank charges `500. Bank
charged CGST and GST @ 6% each on Bank charges.
Answer:
|
JOURNAL OF PUNEET, DELHI |
|
|
|
|||||
|
Date |
Particulars |
|
L.F. |
Dr.
(`) |
Cr.
(`) |
|||
|
(i) (ii
) (iii
) (iv) (a) (b) (v) (vi) vii(a) (b) Viii (a) (b) |
No
Entry |
|
|
25,000 40,000 11,200 2,000 240 20,000 8,000 12,000 25,000 25,000 10,000 1,200 22,400 |
25,000 40,000 10,000 1,200 2,240 20,000 20,000 25,000 25,000 11,200 20,000 2,400 |
|||
|
Bank
A/c To Advance from AK & Co. A/c (Being
the advance received against the order of `1,00,000) |
Dr. |
|||||||
|
Outstanding
Salaries A/c To Cash/Bank A/c (Being
the outstanding salaries paid) |
Dr. |
|||||||
|
Bharat To Sales A/c To Output IGST A/c (Being
the inter-state sale of goods to Bharat, charged IGST @ 12%) |
Dr. |
|||||||
|
Returns
Inward A/c Output
IGST A/c To Bharat (Being
1/5th of the goods sold to Bharat returned by him, GST reversed) |
Dr. Dr. |
|||||||
|
Feroz To Bank A/c (Being the cheque
issued by Feroz dishonoured) |
Dr. |
|||||||
|
Cash/Bank
A/c Bad
Debts A/c To Feroz (Being
40 paise in a rupee received from Feroz against his dues) |
Dr. Dr. |
|||||||
|
Cheques in Hand A/c To Mohan (Being
the cheque received from Mohan) |
Dr. |
|||||||
|
Bank
A/c To Cheques in
Hand A/c (Being
the cheque received from Mohan deposited in bank) |
Dr. |
|||||||
|
Purchases
A/c Input
IGST A/c To Barun (Being
the inter-state purchase of goods from Barun, IGST
payable @ 12%) |
Dr. Dr. |
|||||||
|
Arun To Sales A/c To Output IGST A/c (Being
the inter-state sale of goods to Arun, charged IGST
@ 12%) |
Dr. |
|||||||
|
(ix)
(a) |
Returns
Inward A/c Output
IGST A/c To Arun (Being
the goods returned by Arun, GST reversed) |
Dr. Dr. |
|
6,000 720 |
6,720 |
|||
|
(x)
|
Barun To Returns Outward A/c To Input IGST A/c (Being
the goods returned to Barun) |
Dr. |
|
3,360 |
3,000 360 |
|||
|
(ix)
(a) |
Purchases
A/c Input
IGST A/c To Bank A/c (Being
the goods purchased for `2,00,000 plus 12% IGST) |
Dr. Dr. |
|
2,00,000 24,000 |
2,24,000 |
|||
|
(b) |
Bank
A/c To Sales A/c To Output CGST A/c To Output SGST A/c (Being
the goods sold for `2,50,000 plus CGST and SGST @ 6% each) |
Dr. |
|
2,80,000 |
2,50,000 15,000 15,000 |
|||
|
Xi |
Insurance
Premium A/c Input
CGST A/c Input
SGST A/c To Bank A/c (Being
the insurance premium paid) |
Dr. Dr. Dr. |
|
10,000 600 600 |
11,200 |
|||
|
Xii |
Cash/Bank
A/c To Capital A/c (Being
the sale proceeds of personal car brought in business by the proprietor) |
Dr. |
|
1,00,000 |
1,00,000 |
|||
|
Xiii |
Insurance
Co Loss
of Stock by Fire A/c (Profit and Loss A/c) To Purchases A/c To Input CGST A/c To Input SGST A/c (Being
the company admitted claim for loss of goods by fire, CGST and SGST reversed) |
Dr. Dr. |
|
75,000 37,000 |
1,00,000 6,000 6,000 |
|||
|
Xiv |
Machinery
A/c Input
IGST A/c To Bank A/c (Being
the machinery purchased for `50,000 paid `5,000
for its cartage, `10,000 installation and IGST @ 12%) |
Dr. Dr. |
|
65,000 6,000 |
71,000 |
|||
|
xv |
Bank
A/c (Note) Discount
Allowed A/c To Sales A/c To Output CGST A/c To Output SGST A/c (Being
the intra-state sale of goods at a profit of 20% on sales less 10% trade discount plus CGST and SGST @ 6% each and 2%
cash discount) |
Dr. Dr. |
|
49,392 900 |
45,000 2,646 2,646 |
|||
|
xvi |
Machinery
A/c Bank
Charges A/c Input
CGST A/c (6% of `50,000 + 6% of `500) Input
SGST A/c (6% of `50,000 + 6% of `500) To Bank A/c (Being
the machinery purchased against draft) |
Dr. Dr. Dr. Dr. |
|
50,000 500 3,030 3,030 |
56,560 |
|||
Note: Cost of Goods Sold `40,000
*Profit
= 20% of Sales = 25% of Cost = `10,000
(*Let
Sales = `100; Profit = `20;
Cost = `80; Profit on Cost (%) = `20
× 100 = 25%.)`80
|
Particulars |
` |
|
Cost |
40,000 |
|
Add: Profit on Cost
(25%) |
10,000 |
|
List
Price |
50,000 |
|
|
|
|
Less: Trade Discount |
5,000 |
|
|
45,000 |
|
Less: Cash Discount
(2% of `45,000) |
900 |
|
|
44,100 |
|
Add: CGST @ 6% |
2,646 |
|
SGST
@ 6% |
2,646 |
|
Amount
Received |
49,392 |
|
|
|
Question 6: Record the
following transactions of Sumant, Kochi in a
Two-column Cash Book and balance the book on 31st January, 2024:
|
Date |
Particulars |
` |
Date |
Particulars |
` |
|
2024 |
|
|
2024 |
|
|
|
Jan.
1 |
Cash
Balance |
1,000
|
Jan.
16 |
Bought
goods, including IGST @ 12% |
6,720 |
|
Jan.
1 |
Bank
Balance |
14,500 |
Jan.
19 |
Issued
cheque to Shyam |
3,700 |
|
Jan.
1 |
Received
advance by cheque |
60,000 |
Jan.
20 |
Drew
from Bank |
3,000 |
|
Jan.
2 |
Withdrew
from Bank |
10,000 |
Jan.
22 |
Cash
drawn from bank for personal use |
2,000 |
|
Jan.
3 |
Purchased
goods from Amit 13,000 plus |
|
Jan.
24 |
Cash
Sales, including CGST and SGST@ 6% each |
1,904 |
|
|
CGST
and SGST @ 6% each and paid by cheque |
|
Jan.
27 |
Received
from Rakesh |
18,000 |
|
Jan.
4 |
Paid
Wages |
2,500 |
|
Discount
Allowed |
500 |
|
Jan.
5 |
Received
from Mohan a cheque for `9,800
against due of `25,000 on account |
|
Jan.
28 |
Deposited
cash into Bank |
15,000 |
|
Jan.
8 |
Mohan's
cheque deposited in Bank |
|
Jan.
28 |
Issued
cheque for cash purchases |
|
|
Jan.
14 |
Purchased
stationery for cash `1,500 plus CGST
and SGST @ 6% each. |
|
|
including
IGST @ 12% |
2,240 |
|
|
|
|
Jan.
30 |
Paid
rent `2,000 by cheque
plus CGST
and SGST@ 6% each |
|
Answer:
|
In the Books of Sumanto,
Kochi |
|||||||||||
|
Dr. |
TWO-COLUMN
CASH BOOK |
Cr. |
|||||||||
|
Date |
Particulars |
L.F. |
Cash (`) |
Bank(`) |
Date |
|
Particulars |
L.F. |
Cash (`) |
Bank (`) |
|
|
2024 |
|
|
|
|
|
2024 |
|
|
|
|
|
|
Jan.1 |
To |
To Balance b/d |
|
1,000 |
14,500 |
Jan.2 |
By |
Cash A/c |
C |
... |
10,000 |
|
Jan.1 |
To |
To Advance A/c |
|
... |
60,000 |
Jan.3 |
By |
Purchases A/c |
|
... |
13,000 |
|
Jan.2 |
To |
To Bank A/c |
C |
10,000 |
... |
Jan.3 |
By |
Input CGST A/c |
|
... |
780 |
|
Jan.8 |
To |
To Cheques
in Hand A/c* |
|
... |
9,800 |
Jan.3 |
By |
Input SGST A/c |
|
... |
780 |
|
Jan. 20 |
To |
To Bank A/c |
C |
3,000 |
... |
Jan.4 |
By |
Wages A/c |
|
2,500 |
... |
|
Jan. 24 |
To |
To Sales A/c (Note) |
|
1,700 |
... |
Jan.14 |
By |
Stationery A/c |
|
1,500 |
... |
|
Jan. 24 |
To |
To Output CGST A/c (Note) |
|
102 |
... |
Jan.14 |
By |
Input CGST A/c |
|
90 |
... |
|
Jan. 24 |
To |
To Output SGST A/c (Note) |
|
102 |
... |
Jan.14 |
By |
Input SGST A/c |
|
90 |
... |
|
Jan. 27 |
To |
To Rakesh |
|
18,000 |
... |
Jan.16 |
By |
Purchases A/c |
|
6,000 |
... |
|
Jan. 28 |
To |
To Cash A/c |
C |
... |
15,000 |
Jan.16 |
By |
Input IGST A/c |
|
720 |
... |
|
|
|
|
|
|
|
|
|
(`6,720 ×
12/112) |
|
|
|
|
|
|
|
|
|
|
Jan.19 |
By |
Shyam |
|
... |
3,700 |
|
|
|
|
|
|
|
Jan.20 |
By |
Cash A/c |
C |
... |
3,000 |
|
|
|
|
|
|
|
Jan.22 |
By |
Drawings A/c |
|
... |
2,000 |
|
|
|
|
|
|
|
Jan.28 |
By |
Bank A/c |
C |
15,000 |
... |
|
|
|
|
|
|
|
Jan.28 |
By |
Purchases A/c |
|
... |
2,000 |
|
|
|
|
|
|
|
Jan.28 |
By |
Input IGST A/c |
|
... |
240 |
|
|
|
|
|
|
|
|
|
(`2,240 ×
12/112) |
|
|
|
|
|
|
|
|
|
|
Jan.30 |
By |
Rent A/c |
|
... |
2,000 |
|
|
|
|
|
|
|
Jan.30 |
By |
Input CGST A/c |
|
... |
120 |
|
|
|
|
|
|
|
Jan.30 |
By |
Input SGST A/c |
|
... |
120 |
|
|
|
|
|
|
|
Jan.31 |
By |
Balance c/d |
|
8,004 |
61,560 |
|
|
|
|
|
33,904 |
99,300 |
|
|
|
|
33,904 |
99,300 |
|
Feb 1 |
To |
Balance b/d |
|
8,004 |
61,560 |
|
|
|
|
|
|
Note: GST = `1,904
× 12/112 = `204 out of which half is CGST and half
is SGST, i.e., `102
each.
*Cheque received from Mohan dated 5th January, is not
deposited immediately in the bank, so it will be first recorded as ‘Cheque in Hand’ A/c in the Journal proper and subsequently
it is deposited in the bank, the same will be recorded in ‘Bank Column by
writing ‘Cheque in Hand’ A/c.
Note: Journal entries for Discount
Allowed and Discount Received will be passed as follows:
|
Date |
Particulars |
L.F. |
Dr.
(`) |
Cr.
(`) |
|
|
2024 Jan. 5 |
Cheques in Hand A/c
To Mohan (Being the payment received by cheque from Mohan) |
...Dr. |
|
9,800 |
|
|
|
|
9,800 |
|||
|
Jan. 27 |
Discount Allowed A/c To Rakesh (Being the discount allowed to Rakesh against payment received) |
...Dr. |
500 |
|
|
|
|
|
500 |
|||
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Ts Grewal Solution 2024-2025
Class 11th
Chapter 12 – Accounting of Goods and Services Tax (GST)