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, 2022:
|
Date
|
Particulars
|
` |
Date
|
Particulars |
` |
|
2022 |
|
|
2022 |
|
|
|
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 |
|||||||||
|
TWO-COLUMN CASH
BOOK |
|||||||||
|
Dr. |
|
|
|
|
|
|
|
|
Cr. |
|
Date |
Particulars |
L.F. |
Cash (`) |
Bank(`) |
Date |
Particulars |
L.F. |
Cash (`) |
Bank (`) |
|
2022 |
|
|
|
|
2022 |
|
|
|
|
|
Jan.1 |
To Balance b/d |
|
1,000 |
14,500 |
Jan.2 |
By Cash A/c |
C |
... |
10,000 |
|
Jan.1 |
To Advance A/c |
|
... |
60,000 |
Jan.3 |
By Purchases A/c
|
|
... |
13,000 |
|
Jan.2 |
To Bank A/c |
C |
10,000 |
... |
Jan.3 |
By Input CGST
A/c |
|
... |
780 |
|
Jan.8 |
To Cheques in Hand A/c* |
|
... |
9,800 |
Jan.3 |
By Input SGST
A/c |
|
... |
780 |
|
Jan. 20 |
To Bank A/c |
C |
3,000 |
... |
Jan.4 |
By Wages A/c |
|
2,500 |
... |
|
Jan. 24 |
To Sales A/c
(Note) |
|
1,700 |
... |
Jan.14 |
By Stationery
A/c |
|
1,500 |
... |
|
Jan. 24 |
To Output CGST
A/c (Note) |
|
102 |
... |
Jan.14 |
By Input CGST
A/c |
|
90 |
... |
|
Jan. 24 |
To Output SGST
A/c (Note) |
|
102 |
... |
Jan.14 |
By Input SGST
A/c |
|
90 |
... |
|
Jan. 27 |
To Rakesh |
|
18,000 |
... |
Jan.16 |
By Purchases A/c
|
|
6,000 |
... |
|
Jan. 28 |
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 |
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. (`) |
|
2022 |
|
|
|
|
|
|
Jan. 5 |
Cheques in Hand A/c |
Dr. |
|
9,800 |
|
|
|
To Mohan |
|
|
|
9,800 |
|
|
(Being the payment received by cheque
from Mohan) |
|
|
|
|
|
Jan. 27 |
Discount Allowed A/c |
Dr. |
|
500 |
|
|
|
To Rakesh |
|
|
|
500 |
|
|
(Being the discount allowed to Rakesh against
payment received) |
|
|
|
|