Oswal woollen Mills, Amritsar (punjab) sold shawls to Gupta shawls, Jaipur as per details: sold 100 shawls@Rs. 200 per shawl on 4th January 2018, IGST is levied@12%. Trade discount 25% and cash discount 5 person if full payment is made within 14 days. Gupta shawls sent fifty percent of the payment on 14th January 2018 and balance payment on 10th February 2018.. Pass journal entries.
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Gupta a/c Dr. 16800
To Sales a/c 15000
To IGST Payable a/c 1800
Cash a/c Dr. 8400
To Gupta a/c 8400
Cash a/c Dr. 8400
To Gupta a/c 8400
Note: Cash discount won't apply as full payment is after 14 days
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"In the book,
2018 4th Jan gupta shas a/c dr 16,800
To sales a/c cr 15,000
To output IGST a/c cr 1,800
Jan 14th Bank a/c dr 8,400
To gupta shawls a/c cr 8,400
In the gupta shawls,
4th Jan purchase a/c dr 15,000
To oswall woolen mills dr 1,800
Input IGST a/c cr 16,800
14th Jan oswall wollen mills a/c dr 8,400
To bank a/c 8,400
10th feb oswall woolen mills a/c dr 8,400
To bank a/c cr 8,400
"
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