Question

Journalise the following transactions in the books of M/s Vinod Traders, Delhi if CGST and SGST is levied @ 6% each on intra-state transactions and IGST s levied @ 12% on inter-state transactions : a) An old machine having a book value of ` 1,40,000 is exchanged for a new machine of ` 2,50,000 from Usha Machines Amritsar.
b) Sold goods costing ` 60,000 to Shalini, Mumbai at a profit of 20% on sales less 10% trade discount. Paid cartage of ` 500 to be charged from Shalini.
c) Received an order of goods of ` 7,000 from S. Gupta. d) Paid cash of ` 5,000 to R. Mohan on behalf of A. Sharma. e) Mandeep pays ` 5,400 after deducting 10% discount for prompt payment. f) Sold goods to Namit costing ` 20,000 at 25% above cost less trade discount of 10%. Cash discount of 5%. Namit did not avail the cash discount.
g) Namit declared insolvent and nothing could be recovered from him

Answer 1

Answer:

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