Question

Q.33 Pass the journal entries for the following transections:

a) Purchased goods from Kavya of Rs.20,000 plus IGST @18% at 10% trade discount and

2.5% cash discount. Paid amount at the time of purchase itself.

b) Purchased goods from Divij of Rs.20,000 plus IGST @18% at 10% trade discount and

3% cash discount. Half of the amount paid at the time of purchase.

c) Sold goods to Raunak for Rs.10,000 plus CGST and SGST @ 9% each, allowed him

105 trade discount and 3% cash discount. Received half of the amount of cash and

balance half by cheque immediately.

d) Sold goods to Vardaan for Rs.25,000 plus CGST and SGST @9% each following 10%

trade discount and 2% cash discount. Half of the amount received by cheque

immediately.

e) Sold goods costing Rs.40,000 to Ayaan against a current dated cheque at a profit of

25% on cost less 20% trade discount plus IGST @18%. Cash discount is allowed @2%
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Answer 1

Answer:

a)In the books of kavya

IGST@18%=360,000

Discount at10%=10÷100×3,60,000