Question

Pass entries in the books of Ganguli & Sons, assuming all transactions have been entered in the state of West Bengal : () Purchased goods for 2,00,000 and payment made by cheque. (i) Sold goods for 1,60,000 to Devki Nandan & Sons. (iii) Purchased goods for 50,000 on credit. (iv) Paid for printing and stationery 4,000. (v) Received for commission 5,000. (v) Output GST adjusted against Input GST. Assume CGST @6% and SGST @6%

Answer 1

Explanation:

1.purchases acc Dr..

To cash acc

2.DN and sons acc Dr

To sales ac

3.purchases acc Dr

To creditors ac

4.printing acc Dr

To cash acc

5.cash ac Dr

To commission rec

Answer 2

Answer:

Explanation:

                                  Journal Entries                                          

2019          

i Purchases A/c Dr.   5,00,000  

 Input CGST A/c Dr.   45,000  

 Input SGST A/c Dr.   45,000  

 To Cheque A/c                5,90,000

 (Being Purchased from Mehta Bros.)      

         

ii Devki Nandan & Sons A/c Dr.   1,79,200  

 To Sale A/c .     1,60,000

 To Output CGST A/c       9,600

 To Output SGST A/c       9,600

 (Being Sold goods to Devki Nandan & Sons)      

           

iii Purchases A/c Dr.   5,00,000  

 Input CGST A/c Dr.   30,000  

 Input SGST A/c Dr.   30,000  

 To Creditor A/c     5,60,000

 (Being Purchased goods on credit)      

         

iv Printing & Stationery A/c Dr.   30,000  

 Input CGST A/c Dr.   2,700  

 Input SGST A/c Dr.   2,700  

 To Cash A/c       35,400

 (Being Purchased office furniture.)        

           

v Cash A/c Dr.   5,600  

 To Commission Received A/c       5,000

 To Output CGST A/c       300

 To Output SGST A/c       300

 (Being Interest received)        

           

Mar.31 Output CGST A/c Dr.   9,900  

 Output SGST A/c Dr.   9,900  

 To Input CGST A/c       9,900

 To Input SGST A/c       9,900

 (Being Input tax credit availed.)