Question

15. Journalise the following transactions in the books of Prerna:
Date
Particulars
(3)
Amount
(Rs.)
July 2019
1
Started business with:
Cash
Stock
Bought goods from Sushil, subject to a levy of IGST @
18%
Paid to Sushil in full settlement of his account
1.30.000
20,000
40.000
16
5
10
47.000​

Answer 1

Explanation:

Cash. Dr130000

Stock. Dr 20000

To capital Cr. 150000

(Being business started with cash & stock.)

Purchase. Dr 40000

Input gst Dr 7200

To Sushil Cr. 47200

(Being Goods bought from Sushil in credit.)

Payment:-

Sushil. Dr 47200

To cash/ Bank Cr 47000

To discount Received Cr.200

(Being whole settlement of amount and discount Received)