Question

10. Journalise the following transactions in the books of Harbhajan & Co. for the month

of 1st April 2019.

Balance on 1st April 2019

Cash in hand ` 35,000, Cash at Bank ` 25,000, Furniture ` 1,50,000, Laptop `1,00,000,

Debtors : Sangita ` 40,000, Viru ` 30,000

2019

Creditors : Ganesh ` 10,000, Garima ` 40,000, Bank loan ` 50,000.

April 1 Purchased goods from Ajay kumar worth ` 2,50,000 at 10% Trade discount @18% GST

and paid 1/4 amount in Cash.

5 Purchased shares of Infosysis Company ` 50,000 and ` 500 paid as brokerage by

DematA/c.

8 Sold goods to Raj worth ` 90,000 at 10% Trade discount and 1/3 amount received by

cash and 5% cash discount is allowed.

12 Paid house rent of proprietor ` 9,000 and office rent ` 5,000.

15 Purchased Laptop of ` 60,000 @ 18% GST and paid amount by cheque.

20 Paid transport charges on the above Laptop ` 1,000 @ 18% GST.

25 Paid Commission ` 20,000 to Ram.

26 Paid Telephone Charges ` 1,000.

28 Transferred from private Bank A/c of proprietor to business Bank A/c ` 40,000.

30 Bought goods for ` 1,50,000 @ 12% as GST by cheque.

30 Exchanged our Furniture of ` 30,000 against a Motor car of the same value for business.​

Answer 1

Answer:

EdACCOUNTING Right?

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Step-by-step explanation:

Explanatory Notes:

28. Transferred from private Bank A/c of proprietor to business Bank A/c Rs.40,000.

      The above Transaction is Cash are transferred from proprietor personal bank account to        the Business current account which means business Bank account is receiving the Cash        therefore Bank account is debited to Debit Side. On Credit Side Capital account                    because the proprietor transferred Cash to the business Bank from his own bank                    account which means proprietor introducing the Cash into the business.

30. Exchanged our Furniture of Rs.30,000 against a Motor car of the same value for                    business.

      Motor car is purchased in term of exchanging of Furniture at same price non of amount        is paid in this transaction. On Debit Side Motor car account because Motor car is an              Asset for the business therefore by real account formula Debit what comes in. And On          Credit Side Furniture account because Furniture is going out from the business by real account formula Credit what goes out.

Calculation:

1. 10% T.D - 2,50,000 *10/100 = 25,000

    GST 18% - 2,25,000 *18/100 = 40,500

    CGST 9% - 2,25,000 *9/100 = 20,250

    SGST 9% - 2,25,000 *9/100 = 20,250

    1/4 by Cash - 2,65,500/4 = 66,375

8. 10% T.D. - 90,000 *10/100 = 9,000

    5% C.D. - 81,000 *5/1000 = 4,050

    1/3 by Cash - 76,950/3 = 25,650

15. GST 18% - 60,000 *18/100 = 10,800

      CGST 9% - 60,000 *9/100 = 5,400

      SGST 9% - 60,000 *9/100 = 5,400 

20. GST 18% - 1,000 *18/100 = 180

      CGST 9% - 60,000 *9/100 = 5,400

      SGST 9% - 60,000 *9/100 = 5,400

30. GST 12% - 1,50,000 *12/100 = 18,000

      CGST 6% - 1,50,000 *6/100 = 9,000

      SGST 6% - 1,50,000 *6/100 = 9,000

3 Gold Rule of  Accounting.

Personal Account: 1. Debit The Receiver.

                               2. Credit The Giver.

Real Account: 1. Debit What Comes In.

                        2. Credit What Goes Out.

Nominal Account: 1. Debit All Expenses And Losses.

                               2. Credit All Income And Gain.