Question 10.
Write up the following transactions in the Journal of Ashok, Delhi and post them to the Ledger for April, 2018. Also, prepare the Trial Balance as on 30th April, 2018.
Answers
Journal Entries with Relevant Ledger A/cs and Trial Balance as at 30.4.18
Explanation:
In the books of Ashok
Journal:
1.4.18 Cash A/c Dr. Rs.40000
To Capital A/c Rs.40000
(Being capital introduced into business)
2.4.18 Bank A/c Dr. Rs.300000
To Cash A/c Rs.300000
(Being cash transferred to Bank A/c)
5.4.18 Purchases A/c Dr. Rs.50000
Input CGST A/c Dr. Rs.3000
Input SGST A/c Dr. Rs.3000
To Bank A/c Rs.56000
(Being goods bought on credit and GST @6% each paid)
7.4.18 Amit A/c Dr. Rs.28000
To Sales A/c Rs.25000
To Output IGST A/c Rs.3000
(Being goods sold to Amit and IGST @12% charged)
9.4.18 Purchases A/c Dr. Rs.51000
Input CGST A/c Dr. Rs.3060
Input SGST A/c Dr. Rs.3060
To Parvat A/c Rs.57120
(Being goods bought on credit and GST @6% each paid)
12.4.18 Bank A/c Dr. Rs.19500
Discount Allowed A/c Dr. Rs.500
To Amit A/c Rs.20000
(Being cheque received from Amit and discount allowed)
13.4.18 Parvat A/c Dr. Rs.40000
To Bank A/c Rs.39000
To Discount Received Rs.1000
(Being payment made to Parvat and Discount received)
16.4.18 Drawings A/c Dr. Rs.10000
To Cash A/c Rs.10000
(Being drawings made)
17.4.18 Bank A/c Dr. Rs.5000
To Amit A/c Rs.5000
(Being cash received from Amit and deposited into bank)
25.4.18 Rent A/c Dr. Rs.9000
Input CGST A/c Dr. Rs.540
Input SGST A/c Dr. Rs.540
To Bank A/c Rs.10080
(Being rent paid by cheque and GST paid @6% each)
29.4.18 Romy A/c Dr. Rs.53760
To Sales A/c Rs.48000
To Output CGST A/c Rs.2880
To Output SGST A/c Rs.2880
(Being goods sold to Romy on credit and GST charged @6% each)
Relevant Ledgers:
1) Bank A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Cash A/c 300000 By Purchases A/c 50000
To Amit A/c 19500 By Input CGST A/c 3000
To Amit A/c 5000 By Input SGST A/c 3000
By Parvat A/c 39000
By Rent A/c 9000
By Input CGST A/c 540
By Input SGST A/c 540
By Balance c/d 219420
2) Amit A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Sales A/c 25000 By Bank A/c 19500
To Output IGST A/c 3000 By Discount allowed 500
By Bank A/c 5000
By Balance c/d 3000
3) Parvat A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Cash A/c 39000 By Purchases A/c 51000
To Disct. Received 1000 By Input CGST A/c 3060
To Balance c/d 17120 By Input SGST A/c 3060
4) Remy A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Sales A/c 48000 By Balance c/d 53760
To Output CGST 2880
To Output SGST 2880
Trial Balance
as on 30.4.18
Particulars Debit(Rs.) Credit(Rs.)
Cash 270000
Capital 40000
Purchases 101000
Bank 219420
Sales 73000
Parvat 17120
Amit 3000
Discount Allowed 500
Discount Received 1000
Drawings 10000
Rent 9000
Remy 53760
Input CGST 6600
Input SGST 6600
Output CGST 2880
Output SGST 2880
Output IGST 3000
Total 409880 409880