Accountancy, asked by Ashishmishra5082, 11 months ago

Question 12.
Journalise the following transactions of Satish, Noida (UP):

CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @ 12% on inter-state sale and purchase.

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Answers

Answered by madeducators2
7

Journal Entries for the given transactions

Explanation:

                                    In the books of Satish

  •         Cash A/c     Dr. Rs.40,000

                              To Capital A/c   Rs.40,000

      (Being Capital introduced into business)

  •         Bank A/c        Dr. Rs.60,000

                        To Cash A/c     Rs.60,000

        (Being cash transferred to bank to open savings A/c)

  •         Purchases A/c Dr. Rs.20000

                 Input IGST A/c  Dr. Rs. 2400

                              To M/s Singh & Co.       Rs.22400

       (Being goods purchased on credit and IGST Paid)

  •        Bank A/c       Dr. Rs.5,000

                        To Capital A/c      Rs.5,000

             (Being additional capital introduced via cheque)

  •        Computer A/c Dr. Rs.15000

                Input CGST A/c Dr. Rs.900

                Input SGST A/c  Dr. Rs.900

                         To Bank A/c               Rs.16800

     (Being Computer purchased and GST Paid)

  •        Postage A/c      Dr. Rs.150

                         To Cash A/c            Rs.150

           (Being Postage paid)

  •        Cash A/c     Dr. Rs.4480

                      To CGST Payable A/c  Rs.240

                       To SGST Payable A/c  Rs. 240

                      To Sales A/c                  Rs.4000

        (Being goods sold for cash and GST charged)

  •     M/s Sharda & Co. A/c   Dr. Rs.11200            

                       To IGST Payable A/c        Rs.1200

                        To Sales A/c                    Rs.10,000

           (Being goods sold to M/s Sharda and IGST charged)

  •    M/s Singh & Co. A/c  Dr. Rs.19500

                           To Discount allowed A/c  Rs.500

                           To Cash A/c                      Rs.19000

        (Being payment made to M/s Singh & Co. and discount received)

           

  •     M/s Ray & Co. A/c   Dr. Rs.6272

                 To IGST Payable A/c    Rs.672

                 To Sales A/c                  Rs.5600

    (Being goods sold to M/s Ray & Co. and IGST charged)

  •     Bank A/c       Dr. Rs.9750

        Discount Allowed A/c Dr. Rs.1450

                            To M/s Sharda & Co.     Rs.11200

   (Being payment received from M/s Sharda in full settlement)

  •  Electricity A/c      Dr. Rs.1000

          Rent A/c               Dr. Rs.2500

            Drawings A/c      Dr. Rs.3500

                        To Cash A/c             Rs.7000

      (Being Expenses incurred and drawings made)

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