12. Record the following transactions in the Journal of Ashoka Furniture
Ludhiana (Punjab):
2019
Jan 1 Started business with cash
Jan. 2 Opened a Curent Account by personal cheque
Jan 10 Purchased machinery against cheque
Jan 15 Paid wages for installation of machinery
Jan 20 Purchased timber from Singh & Co, Ludhiana (Punjab) of the list price of 20.000
al 10 trade discount
a 25 Out of the above.timber used for fumishing the office
Jan 31 Sold timber to Rakesh of the list price of 10,000 and allowed him 10% trade discount
Feb. 10 issued to Singh & Co. a cheque in full settlement
Feb 15 Received from Rakeshin full and final settlement
Feb 20 | Paid wages
Feb 28 issued a cheque for 5.000 in favour of the landlord for rent of February
and purchase. IGST is levied
CGST and SGST is levied @ 6% each on intra-state sale and purchase. I
on inter-state sale and purchase.
THint: GST on Timber (he.. Goods) used for furnishing the office will not be re
Input GST is allowed on Fixed Assets. Thus Entry will be passed as
Furniture and Fixtures Ale
75.000
To Purchases Alc
not be reversed
y will be passed as follows
75.000
Answers
Answered by
6
Answer: 1) cash a/c Dr
To capital ac
2)
Explanation:
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