Accountancy, asked by hari811, 10 months ago

Question 14.
Record the following transactions in the Journal of Ashoka Furniture Traders, Ludhiana (Punjab):

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 Prathamking7765
2

Answer:

What do you mean.....its to big....the state sale will be 6%

Answered by madeducators2
29

Journal Entries for the given transactions

Explanation:

                              In The Books of Ashoka Furniture Traders

Journal Entries:

1.1.18     Cash A/c Dr. Rs.50,000

                To Capital A/c Dr. Rs. 50,000

    (Being capital introduced in business)

2.1.18     Bank A/c     Dr. Rs.3,50,000

                 To Cash A/c       Rs.3,50,000

   (Being Cash transferred to bank for current A/c)

10.1.18    Machinery A/c   Dr.Rs. 1,00,000

            Input CGST A/c  Dr. Rs.6,000

            Input SGST A/c   Dr. Rs.6,000

                      To Bank A/c          Rs.1,12,000

   (Being Machinery Purchased and GST paid)

15.1.18     Wages A/c       Dr. Rs.2,000

                     To Cash A/c              Rs.2,000

              (Being Wages paid)

20.1.18    Purchases A/c   Dr.Rs.18,000

             Input CGST A/c   Dr. Rs.1080

             Input SGST A/c     Dr. Rs.1080

                          To M/s Singh & Co.      Rs.20,160

   (Being Timber purchased on credit and GST applied @6% each)

25.1.18     Furniture A/c      Dr. Rs.5000

                       To Purchases A/c       Rs.5000

           (Being Timber used for office furnishing)

31.1.18      Rakesh A/c      Dr. Rs.10,080

                    To CGST Payable A/c     Rs.540

                    To SGST Payable A/c     Rs.540

                    To Sales A/c                    Rs.9,000

      (Being timber sold on credit to Rakesh and GST charged @6% each)

10.2.18      M/s Singh & Co. A/c      Dr. Rs.20,160

                     To Bank A/c                            Rs.20,160

            (Being payment made to creditor in full settlement)

15.2.18      Cash A/c        Dr. Rs.10,220

                      To Rakesh A/c      Rs.10,220

         (Being amount due from Rakesh received in full settlement)

20.2.18      Wages A/c    Dr. Rs.15,000

                          To Cash A/c      Rs.15,000

         (Being Wages Paid)

28.2.18       Rent A/c     Dr. Rs.5,000

                          To Bank A/c       Rs.5,000

     (Being  Rent paid via cheque)

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