1. Pass journal entries in the books of M/s Goel Brother, Delhi who is
registered dealer with GST as an intra-state dealer dealing in products
having CGST and SGST 6% each:
2019
Jan. 1 Bought goods from Mohan for* 20000
Jan. 3 Sold goods to Rama & Co. for 10,000
Jan. 6 Bought furniture from Verma & Co. for * 8,000 and issued
cheque
Jan. 10 Paid electricity bill * 3,000
Jan. 15 Paid legal fee 5,000 by cheque
Jan. 18 Rama & Co. returned goods for * 4,000 being not as per
specifications
[Hints. (i) GST is not charged on Electricity charges
(ii) GST is charged on Legal Fees!
Answers
Answer:
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Explanation:
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Journal Entries in the Books of M/s Goel Brothers
Explanation:
Jan. 1 : Purchase A/c Dr. 20000
CGST Input A/c Dr. 1800
SGST Input A/c Dr. 1800
To Mohan's A/c 23600
(Being goods purchased from Mohan)
Jan. 3 : Rama & Co. A/c Dr. 11200
To Sales A/c 10000
To CGST Output A/c 600
To SGST Output A/c 600
( Being goods sold to Rama & Co.)
Jan. 6 : Furniture A/c Dr. 8000
CGST Input A/c Dr. 480
SGST Input A/c Dr. 480
To Bank A/c 8960
( Being Furniture bought from Verma & Co. )
Jan 10 : Electricity Expense A/c Dr. 3000
To Cash A/c 3000
( Being Electricity bill paid)
Jan 15 : Legal Expense A/c Dr. 5000
CGST Input A/c Dr. 600
SGST Input A/c Dr. 600
To Bank A/c 5200
( Being Legal fees paid)
Jan 18 : Sales Return A/c Dr. 4000
CGST Output A/c Dr. 240
SGST Output A/c Dr. 240
To Rama & Co. A/c 4480
(Being goods returned by Rama & Co. of rs.4000)