20. Journalise the following transactions :
(i)
Purchased goods from Dugar * 1,50,000 subject to trade discount of 20%, GST paid @ 15%.
(ii) Goods sold to Akram for 1,00,000 plus GST @ 8%.
(iii) Sold goods for 1,20,000 and charged GST @ 10% against cash.
(iv) GST was deposited into Government account on due date.
(Hints : GST deposited to Government 2,000.]
(v) Purchased goods from Siblal for 3,00,000 subject to trade discount of 10% plus GST paid @ 15%.
(vi) Sold half of the above goods to Banerjee & Co. for 2,20,000 plus GST @ 15%.
(vii) Sold the balance of goods to Fortis Ltd. for * 1,80,000 and charged GST @ 15%.
(viii) Deposited the GST into Government account through cheque.
Answers
Answer:
Question 1:
Pass entries in the books of Mukerjee & Sons. assuming all transactions have taken place within the state of Uttar Pradesh. Assume CGST @9% and SGST @ 9%.
2018
March 1 Purchased goods for ₹ 5,00,000 from Mehta Bros.
March 10 Sold goods for ₹ 8,00,000 to Munjal & Co.
March 15 Paid for advertisement ₹ 40,000 by cheque.
March 18 Purchased furniture for office use ₹ 50,000 and payment made by cheque.
March 25 Paid for printing and stationery ₹ 8,000.
March 31 Payment made of balance amount of GST.
ANSWER:
Journal
Date
Particulars
L.F.
Debit
Amount
(₹)
Credit
Amount
(₹)
2018
Mar 04
Purchases A/c
Dr.
5,00,000
Input CGST A/c
Dr.
45,000
Input SGST A/c
Dr.
45,000
To Mehta Bros. A/c
5,90,000
(Purchased from Mehta Bros.)
Mar 10
Munjal & Co. A/c
Dr.
9,44,000
To Sales A/c
8,00,000
To Output CGST A/c
72,000
To Output SGST A/c
72,000
(Sold goods to Munjal & Co.)
Mar 15
Advertisement A/c
Dr.
40,000
Input CGST A/c
Dr.
3,600
Input SGST A/c
Dr.
3,600
To Bank A/c
47,200
(Paid for advertisement)
Mar 18
Furniture A/c
Dr.
50,000
Input CGST A/c
Dr.
4,500
Input SGST A/c
Dr.
4,500
To Bank A/c
59,000
(Purchased office furniture)
Mar 25
Printing & Stationery A/c
Dr.
8,000
Input CGST A/c
Dr.
720
Input SGST A/c
Dr.
720
To Cash A/c
9,440
(Paid for printing and stationery)
Mar 31
Output CGST A/c
Dr.
53,820
Output SGST A/c
Dr.
53,820
To Input CGST A/c
53,820
To Input SGST A/c
53,820
(Input tax credit availed)
Mar 31
Output CGST A/c
Dr.
18,180
Output SGST A./c
Dr.
18,180
To Bank A/c
36,360
(Balance tax paid to government)
17,93,640
17,93,640
Page No 10.22:
Question 2:
Pass entries in the books of Devdhar & Bros. Odisha, assuming all transactions have been entered within the state, charging CGST and SGST @ 9% each:
2018
March 4 Purchased goods for ₹ 5,00,000 from Sunil Bros.
7 Goods returned to Sunil Bros. for ₹ 20,000
10 Sold goods to Mehta & Co. for ₹ 8,00,000
12 Goods returned by Mehta & Co. for ₹ 30,000
20 Goods withdrawn by Proprietor for personal use ₹ 10,000
25 Goods distributed as free samples ₹ 5,000
26 Paid advertisement expenses by cheque ₹ 20,000
31 Payment made of balance amount of GST.
ANSWER:
Journal
Date
Particulars
L.F.
Debit
Amount
(₹)
Credit
Amount
(₹)
2018
Mar 04
Purchases A/c
Dr.
5,00,000
Input CGST A/c
Dr.
45,000
Input SGST A/c
Dr.
45,000
To Sunil Bros. A/c
5,90,000
(Purchased from Sunil Bros.)
Mar 07
Sunil Bros. A/c
Dr.
23,600
To Purchases Return A/c
20,000
To Input CGST A/c
1,800
To Input SGST A/c
1,800
(Goods returned to Sunil Bros.)
Mar 10
Mehta& Co. A/c
Dr.
9,44,000
To Sales A/c
8,00,000
To Output CGST A/c
72,000
To Output SGST A/c
72,000
(Sold goods to Mehta& Co.)
Mar 12
Sales Return A/c
Dr.
30,000
Output CGST A/c
Dr.
2,700
Output SGST A/c
Dr.
2,700
To Mehta & Co. A/c
35,400
(Goods returned by Mehta & Co.)
Mar 20
Drawings A/c
Dr.
11,800
To Purchases A/c
10,000
To Input CGST A/c
900
To Input SGST A/c
900
(Goods withdrawn for personal use)
Mar 25
Free Samples A/c
Dr.
5,900
To Purchases A/c
5,000
To Input CGST A/c
450
To Input SGST A/c
450
(Goods distributed as free samples)
Mar 26
Advertisement A/c
Dr.
20,000
Input CGST A/c
Dr.
1,800
Input SGST A/c
Dr.
1,800
To Bank A/c
23,600
(Paid for advertisement)
Mar 31
Output CGST A/c
Dr.
43,650
Output SGST A/c
Dr.
43,650
To Input CGST A/c
43,650
To Input SGST A/c
43,650
(Input tax credit availed)
Mar 31
Output CGST A/c
Dr.
25,650
Output SGST A./c
Dr.
25,650
To Bank A/c
51,300
(Balance tax paid to government)
17,72,900
17,72,900
Page No 10.23:
Question 3:
Pass entries in the books of Ganguli & Sons. assuming all transactions have been entered in the state of West Bengal:
(i) Purchased goods for ₹ 2,00,000 and payment made by cheque.
(ii) Sold goods for ₹ 1,60,000 to Devki Nandan & Sons.
(iii) Purchased goods for ₹ 50,000 on credit.
(iv) Paid for printing and stationery ₹ 4,000.
(v) Received interest ₹ 5,000.
(vi) Paid for advertisement ₹ 30,000 by cheque.
Assume CGST @6% and SGST @6%.
ANSWER:
Journal
Date
Particulars
L.F.
Debit
Amount
(₹)
Credit
Amount
(₹)
Purchases A/c
Dr.
2,00,000
Input CGST A/c
Dr.
12,000
Input SGST A/c
Dr.
12,000
To Cheque A/c
2,24,000
(Purchased goods and paid by cheque)
Devki Nandan & Sons A/c
Dr.
1,79,200
To Sales A/c
1,60,000
To Output CGST A/c
9,600
To Output SGST A/c
9,600
(Sold goods toDevki Nandan & Sons)
Purchases A/c
Dr.
50,000
Input CGST A/c
Dr.
3,000
Input SGST A/c
Dr.
3,000
To Creditor A/c
56,000
(Purchased goods on credit)
Printing & Stationery A/c
Dr.
4,000
Input CGST A/c
Dr.
240
Input SGST A/c
Dr.
240
To Cash A/c
4,480
(Paid for printing and stationery)
Cash A/c
Dr.
5,600
To Interest Received A/c
5,000
To Output CGST A/c
300
To Output SGST A/c
300
(Interest received)
Advertisement A/c
Dr.
30,000
Input CGST A/c
Dr.
1,800
Input SGST A/c
Dr.
1,800
To Bank A/c
33,600
(Paid for advertisement)