Question

Question 13.
Following are the transactions of R.Singh & Co., Kanpur (UP) for the month of July, 2017. You are required to Journalise them:

Answer 1

Journal Entries for the given transactions

Explanation:

                                     In the Books of R.Singh & Co.

• Cash A/c      Dr. Rs.80,000

             To Capital A/c    Rs.80,000

   (Being Capital introduced into business)

• Bank A/c      Dr. Rs.50,000

               To Cash A/c      Rs.50,000

   (Being cash transferred into bank A/c)

• Stationary A/c   Dr. Rs.300

        Input CGST A/c  Dr. Rs.18

        Input SGST A/c   Dr. Rs.18

                To Cash A/c             Rs.336

   (Being stationary purchased against cash and GST paid @6% each)

• Purchases A/c       Dr. Rs.21,000

       Input CGST A/c      Dr. Rs.1260

       Input SGST A/c       Dr. Rs.1260

             To Cash A/c                  Rs.23,520

   (Being goods purchased against cash and GST paid @6% each)

• Cash A/c            Dr. Rs.8400

             To CGST Payable A/c    Rs.450

             To SGST Payable A/c     Rs.450

             To Sales A/c                    Rs.7500

  (Being goods sold for cash and GST charged @6% each)

• Furniture A/c       Dr. Rs.5,000

      Input CGST A/c     Dr. Rs.300

      Input SGST A/c      Dr. Rs.300

              To Banerjee A/c           Rs.5600

  (Being furniture purchased on credit and GST paid @6% each)

• Mahendra A/c     Dr. Rs.11,200

             To CGST A/c            Rs.600

              To SGST A/c            Rs.600

              To Sales A/c             Rs.10,000

 (Being goods sold to Mahendra on credit and GST charged @6% each)

• Bank A/c       Dr. Rs.11200

                 To Mahendra A/c      Rs.11200

   (Being payment received from Mahendra via cheque)

• Ramesh A/c      Dr. Rs.5600

           To CGST Payable A/c        Rs.300

           To SGST Payable A/c         Rs.300

           To Sales A/c                        Rs.5000

  (Being goods sold to Ramesh on credit and GST charged @6% each)

• Purchases A/c    Dr. Rs.20,000

       Input IGST A/c    Dr. Rs.2400

            To Seth A/c            Rs.22400

 (Being goods purchased from Seth on credit and IGST paid @12%)

• Purchases A/c       Dr. Rs.2250

       Input IGST A/c        Dr. Rs.270

               To Naraina & Co.       Rs.2520

 (Being goods purchased on credit from Naraina and Co. and IGST paid @12%)

• Bank A/c           Dr. Rs.2500

               To Ramesh & Co.       Rs.2500

     (Being payment received from Ramesh & Co. on account)

• Seth A/c       Dr. Rs.22,400

               To Discount Received  A/c   Rs.400

               To Bank A/c                           Rs.22,000

(Being payment made to Seth via cheque)

• Rent A/c       Dr. Rs.1,000

              To Outstanding Rent A/c    Rs.1,000

    (Being rent made due)

Answer 2

Explanation:

solution in this Question