Question

Question 43.
On 1st January, 2018, Mr. X sold goods to Mr. Y for ₹45,000 plus CGST and SGST @ 9% each on credit. Mr. Y paid the amount of GST immediately in cash. Mr. X drew 3 bills on him: first bill for ₹10,000 for 1 month, second bill for ₹15,000 for 2 months and third bill for ​₹20,000 for 3 months. Mr. Y accepted and returned all the bills to Mr. X.

Answer 1

On 1st January, 2018, Mr. X sold goods to Mr. Y for ₹45,000 plus CGST and SGST @ 9% each on credit. Mr. Y paid the amount of GST immediately in cash. Mr. X drew 3 bills on him: first bill for ₹10,000 for 1 month, second bill for ₹15,000 for 2 months and third bill for ₹20,000 for 3 months. Mr. Y accepted and returned all the bills to Mr. X.

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Answer 2

Answer:

Explanation:

JOURNALS

IN THE BOOKS OF Y

purchase A/c         45000

Input CGST                4050

Input SGST                  4050

To X's A/c                                    53100

X's Account          53100

 To bills payable  1           10000

  To Bills payable 2           15000

   To bills payable  3          20000

    To bank A/c                       8100

Bills payable              10000

Noting charges           1000

 To  Cash A/c                           11000

Bills payable             20000

Noting charges            2000

  To cash A/c                              22000