Question

Journalise the following transaction

a) Received cash from Mohan ₹ 5000 whose account was written off as bad debts last year.

b) An old machine with book value of ₹ 1,40,000 is exchanged for a new machine of Rs

3,00,000. The old machine is valued at Rs 80,000 for exchange purpose by Smart India

Ltd.

c) Purchased goods from Henry for ₹ 50,000 on 10%trade discount and 5% cash discount

and paid 60% amount by cheque. Paid CGST and SGST @ 6% each.

d) Paid fees to lawyer ₹ 10620 ₹ including CGST and SGST @ 9% each

e) Goods worth ₹ 8,000 withdrew for personal use. IGST @ 12% were paid at the time of

purchase of these goods.

f) Goods costing ₹ 12,000 were lost in fire. These goods were purchased paying CGST and

SGST @ 9% each. The insurance company accepted 90% of the claim .​

Answer 1

Explanation:

...................