pass necessary adjustment entries for the following entries.
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Answer:
a) Drawings A/C Dr. 5,900
To Purchase A/C 5,000
To Input IGST A/C 900
b) Cash A/C Dr. 20,178
Discount A/C Dr. 1,062
To Sales A/C 18,000
To Output CGST A/C 1,620
To Output SGST A/C 1,620
c) Closing Stock A/C Dr. 20,000
To Trading A/C 20,000
Explanation:
Working Note :-
b) Sale price = List price(20,000) - T.D. (10% of L.P. i.e., 2,000) = 18,000
S.P. + CGST + SGST = 21,240
Cash Discount = 5% of 21,240 = 1,062
Cash received = 21,240 - 1,062 = 20,178
Cash = L.P. - T.D. + GST - C.D.
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