Question 11.
Shri S. K. Gupta, Chandigarh commenced business on 1st April, 2018 with a capital of ₹ 1,20,000 of which ₹ 60,000 was paid into his Bank Account and ₹ 60,000 retained as cash. His other transactions during the month were as follows:
Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Journalise the above transactions and post them to the Ledger.
Answers
Answer:
furniture ac dr. 20000
to cash. 20000
Journal Entries for the given transactions
Explanation:
In the Books of Shri S.K Gupta
Journal Entries:
1.4.18 Bank A/c Dr. Rs.60,000
Cash A/c Dr. Rs.60,000
To Capital A/c Rs.60,000
(Being capital introduced into Business)
2.4.18 Furniture A/c Dr. Rs.20,000
Input CGST A/c Dr.Rs.1200
Input SGST A/c Dr. Rs.1200
To Cash A/c Rs22400
(Being Furniture purchased and CGST @6% and SGST @6% paid)
5.4.18 Purchases A/c Dr. Rs.16000
Input CGST A/c Dr. Rs.960
Input SGST A/c Dr. Rs.960
To Cash A/c Rs.17920
(Being goods purchased and GST paid @6% each)
8.4.18 Purchases A/c Dr. Rs.11,000
Input CGST A/c Dr.Rs.660
Input SGST A/c Dr. Rs.660
To Ramesh A/c Rs.12,320
(Being goods purchased from Ramesh on credit and GST paid @6% each)
12.4.18 Sameer A/c Dr. Rs.23,520
To IGST Payable A/c Rs.2,520
To Sales A/c Rs.21,000
(Being goods sold to Sameer on credit and IGST charged @ 12%)
13.4.18 Stationary A/c Dr. Rs.1800
Input CGST A/c Dr. Rs.108
Input SGST A/c Dr. Rs.108
To Cash A/c Rs.2016
(Being stationary purchased and GST credit claimed)
Ramesh A/c Dr. Rs.11,000
To Discount received A/c Rs.1000
To Cash A/c Rs.10000
(Being payment made to Ramesh and discount received)
17.4.18 Cash A/c Dr. Rs.4000
To Bank A/c Rs.4000
(Being cash withdrawn for office use)
18.4.18 Purchases A/c Dr. Rs.30,000
Input CGST A/c Dr. Rs.1800
Input SGST A/c Dr. Rs.1800
To Sen A/c Rs.33600
(Being goods purchased from Sen of chandigarh and GST paid @6% each)
19.4.18 Cash A/c Dr. Rs.20,000
Discount Allowed A/c Dr. Rs.1000
To Sameer A/c Rs.21000
(Being cash received from Sameer and discount allowed)
20.4.18 Raj Banwari A/c Dr. Rs.44800
To IGST Payable A/c Rs.4800
To Sales A/c Rs.40,000
(Being goods sold to Raj and IGST charged @12%)
28.4.18 Cash A/c Dr. Rs.1568
To CGST Payable A/c Rs.84
To SGST Payable A/c Rs.84
To Sales A/c Rs.1400
(Being cash sales made and GST charged @6% each)
30.4.18 Salary A/c Dr. Rs.8,000
Rent A/c Dr. Rs.5,000
Input CGST A/c Dr. Rs.300
Input SGST A/c Dr. Rs.300
To Bank A/c Rs.13,600
(Being salary and rent paid via cheque and Inout credit of GST paid on rent claimed)
Sundry expenses A/c Dr. Rs.2,000
Input CGST A/c Dr.Rs.120
Input SGST A/c Dr. Rs.120
To Bank A/c Rs.2,240
(Being telephone expenses paid via cheque and GST claimed)
Bank A/c Dr. Rs.2,000
To Cash A/c Rs.2,000
(Being Cash transferred to Bank A/c)