Question

22. Pass Journal Entries for the following transactions in the books of Krishna Ltd. of Tamil Nadu:
2019
Morch 15 Purchased goods from Nagesh & Sons of Erode, of the list price of 3 1,25,000 at 20% trade
discount and 5% cash discount on the purchase price of goods. Paid CGST and SGST @ 6% each. Payment
was made immediately by cheque.
March 20 Sold to Anita Patil & Co., Madurai, goods of the list price of * 4,00,000 at 25% trade discount
and 3% cash discount on sale price. Charged CGST and SGST @ 6% each. Full payment received by cheque at
the time of sale.
Or
Record Journal Entries in the books of Ranjeet & Co., Kanpur, assuming CGST @ 9% and SGST @ 9%:
-2019
April 1 Purchased goods for 50,000 from Karan of Lucknow.
ii. April 5 Sold goods costing 80,000 to Dev Patel of Ahmedabad at a profit of 25% on cost less 10%
Trade Discount.
April 30 Paid Salaries by cheque * 25,000.​

Answer 1

Answer:

Paid rent in advance 715,000

(iv) Accrued Interest $25,000

TV Paid salary 25,000 & salary

outstanding being 310,000.

(vi) Commission! received in advance

10,0DD.

(vii) Amount withdrawn for personel

Mark I