Question

Purchased goods from ajaykumar worth rs 250000 at 10% trade discount and 18% gst and paid 1/4 amount in cash? Ledger with journal

Answer 1

Explanation:

workin notes :-

goods worth = 2,50,000

discount@10% = 2,50,000*10%

= 25,000

gst @ 18% on remaining amount after balance = 2,50,000 - 25,000 = 2,25000

on which 18% charged

= 2,25,000*18/100

= 40,500

final worth is = 2,25,000 + 40,500

= 2,65,500

in which 1/4 paid in cash

= 2,65,500/4

= 66,375

Bank = 199,125

journal entry with final amounts

purchases a/c dr 2,25,000

GST a/c dr. 40,500

to cash a/c. 66,375

( 40,500 + 25,875)

to Bank or credit a/c. 1,99,125

(Being goods purchased & 1/4 amount paid in cash)

Ledger accounts

1. Purchases

to cash 25,875

to Bank*. 1,99,125. Bybalance 2,25,000

--------------. -------------

2,25,000. 2,25,000

*if full amount paid it'll be bank or else there'll be creditors name

2. GST

to cash. 40,500. by balance 40,500

3. trade discount.

to balance 25,000 by cash. 25,000

4. cash

by pur. 25,875

to balance 66,375 by GST. 40,500

5. Bank

to bal 1,99,125 by pur. 1,99,125