Question

19. From the following transactions of Sumitra, prepare the accounting equations
(1) Commenced business with bank balance 1,50,000.
(i) Purchased goods worth 40.000 plus CGST 6% and SGST 6% from Amina
(iii) Purchased goods worth 25,000 from other State plus 12% IGST through cheque
fiv) Purchased computer for 30,000 plus 9% CGST and 9% SGST paid by cheque
(v) Sold goods costing 30,000 for 45,000 plus CGST 6% and SGST 6% against cheque
(vi) Paid? 15,000 for repairs and maintenance of building plus 9% CGST and 9% SGST
(vii) Paid ?6,000 for printing plus 9% CGST and 9% SGST.
(viii) Sold goods nating ? 20,000 for 16,000 plus 6% CGST and 6% SGST.​

Answer 1

Answer:

S. No. Transaction Assets = Liabilities + Capital

Cash + Furniture + Stock = Creditors

(i) Sandeep started business with cash 1,00,000 + 1,00,000

1,00,000 = + 1,00,000

(ii) Purchased furniture for cash –5,000 +5,000

95,000 + 5,000 = + 1,00,000

(iii) Purchased goods for cash –20,000 +20,000

75,000 + 5,000 + 20,000 = + 1,00,000

(iv) Purchased goods on credit +36,000 +36,000

75,000 + 5,000 + 56,000 = 36,000 + 1,00,000

(v) Rent paid -700 –700

74,300 + 5,000 + 56,000 = 36,000 + 99,300

(vi) Goods costing Rs 40,000 sold at a profit of 20% for cash +48,000 -40,000 +8,000

1,22,300 + 5,000 + 16,000 = 36,000 + 1,07,300

Working Note:

WN1 Calculation of Sale Price