Question 11.
Following transactions of Ramesh Delhi for April, 2018 are given below. Journalise them.
CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @12% on inter-state sale and purchase.
Answers
Journal Entries for the given transactions
Explanation:
In the Books of Ramesh
Journal Entries:
1.4.18 Cash A/c Dr. Rs.1,00,000
To Capital A/c Rs.1,00,000
(Being Capital introduced into business)
Bank A/c Dr. Rs.70,000
To Cash A/c Rs.70,000
(Being cash transferred to bank to open current A/c)
3.4.18 Purchases A/c Dr. Rs.5000
Input CGST A/c Dr. Rs.300
Input SGST A/c Dr.Rs.300
To Cash A/c Rs.5600
(Being goods purchased and GST paid)
13.4.18 Krishna A/c Dr. Rs.1680
To IGST Payable A/c Rs.180
To Sales A/c Rs.1500
(Being goods sold on credit and GST charged)
20.4.18 Purchases A/c Dr. Rs.2250
Input IGST A/c Dr. Rs.270
To Atul A/c Rs.2520
(Being goods purchased on credit and GST paid)
24.4.18 Cash A/c Dr. Rs.1450
Discount Allowed A/c Dr. Rs.50
To Krishna A/c 1500
(Being payment received from debtor and discount allowed)
28.4.18 Shyam A/c Dr. Rs.2150
To Discount Received A/c Rs.100
To Cash A/c Rs.2050
(Being payment made to creditors and discount received)
30.4.18 Cash A/c Dr.Rs.8960
To CGST Payable A/c Rs.480
To SGST Payable A/c Rs.480
To Sales A/c Rs.8,000
(Being goods sold for cash and GST charged)
Salary A/c Dr. Rs.10,000
Rent A/c Dr. Rs.500
To Cash A/c Rs.10,500
(Being expenses paid)