Question

0. 2.3. Journalise the following transactions in the books of Ms Royal Traders
() Purchased goods from Pawan Ltd. for ₹12,00,000 plus VAT @ 12%
(Il) Sold 3/4 of the above goods for ₹1,90,000 to Nutan Ltd, plus VAT @ 12%
(III) Sold the balance of goods to Rubi Ltd. for ₹60,000 and charged VAT @ 12%
(IV) Deposited the VAT into Government Account through cheque .
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Answer 1

hey mate here is your answer:-

i) Purchased a/c dr. 12,00,000

VAT paid a/c dr. 36,000

to bank a/c 12 36,000

(being goods purchased from Pawan Ltd. and paid VAT@12%)

ii) Nutan Ltd. a/c dr. 2,47,000

to sales a/c 1,90,000

to VAT received a/c 57,000

( being 1/3 of above goods sold to Nutan Ltd. and VAT received @12%)

iii) Rubi Ltd. a/c dr. 67,200

to sales a/c 60,000

to VAT received a/c 7,200

( being sold the balance goods to Rubi ltd and charged VAT@12%)

iv) VAT received a/c dr. 36,000

to VAT paid a/c 36,000

( being VAT is adjusted against VAT paid)

VAT received a/c dr. 28,200

to bank a/c 28,200

(being VAT deposited into government account)

hope its may help you out

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Answer 2

Answer:

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