Question

Goods used by the proprietor for personal purpose 500​

Answer 1

Answer:

Drawing a/c dr. 500

To cash a/c 500

Answer 2

Answer:

Journalise the following. <br> (i) Goods purchased for Rs. 5,000 were used by the proprietor for personal purposes. <br> (ii) Rs. 200 due from Hari are bad debts. (It is not subject the levy of GST.) <br> (iii) Goods uninsured of Rs. 3,000 (purchase cost) were destroyed by fire. <br> (iv) Goods costing Rs. 1,000 damaged by fire and Insurance Company accepted claim of Rs. 800 and cheque is received from the Insurnace Company. <br> (v) Goods costing Rs. 500 given as charity (Sales Price Rs. 600). <br> (vi) Paid landlord Rs. 1,500 for rent. <br> (vii) Sold household furniture for Rs. 5,000. It is not subject to levy of GST being personal asset of the proprietor. The proprietor. The proceeds were invested into business. <br> All transactions (except otherwise stated) are subject to levy of CGST and SGST

Explanation:

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