Question 8.
You are to open the books of Rajesh Prabhu, Gurugram (Haryana) a trader, through the Journal to record the assets and liabilities and then to record the daily transactions for the month of April, 2018. A Trial Balance is to be extracted as on 30th April, 2018:
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 (*).
Answers
Journalised Entries for the given transactions with Trial Balance as at 30.4.18
Explanation:
In the Books of Rajesh Prabhu
Journal:
Premises A/c Dr. Rs.200000
Delivery Van A/c Dr. Rs.50000
Fixtures A/c Dr. Rs.5000
Stocks A/c Dr. Rs.75000
HariHaran A/c Dr. Rs.30000
RajHans A/c Dr. Rs.50000
Bank A/c Dr. Rs.45000
Cash A/c Dr. Rs.30000
To Jawahar A/c Rs.100000
To Vikas A/c Rs.45000
To Telephone Expense Rs.4000
Payable A/c
To Output CGST A/c Rs.240
To Output SGST A/c Rs.240
To Expense Payable A/c Rs.4520
To Salaries Payable A/c Rs.7000
To Capital A/c(bal. fig.) Rs.324000
(Being balance forwarded from previous month)
Rent A/c Dr. Rs.5000
Input CGST A/c Dr. Rs.300
Input SGST A/c Dr. Rs.300
To Bank A/c Rs.5600
(Being rent paid via cheque and GST paid @6% each)
Purchases A/c Dr. Rs.30000
Input IGST A/c Dr. Rs.3600
To Prabhat A/c Rs.16800
To Rajan A/c Rs.8960
To Passi A/c Rs.7840
(Being goods purchased on credit amd IGST paid @12% each respectively)
Telephone Expense Paid A/c Dr. Rs.4000
Input CGST A/c Dr. Rs.240
Input SGST A/c Dr. Rs.240
To Bank A/c Rs.4480
(Being expenses paid and GST paid @6% each)
Delivery Van A/c Dr. Rs.5700
To Cash A/c Rs.5700
(Being petrol expenses paid)
Drawings A/c Dr. Rs.4000
To Cash A/c Rs.4000
(Being drawings made)
Salary A/c Dr. Rs.7000
To Cash A/c Rs.7000
(Being salary paid)
Cash A/c Dr. Rs.5600
To Sales A/c Rs.5000
To Output CGST A/c Rs.300
To Output SGST A/c Rs.300
(Being goods sold for cash and GST charged @6% each)
Sales Return A/c Dr. Rs.6000
Output CGST A/c Dr. Rs.300
O/p SGST A/c Dr. Rs.300
O/p IGST A/c Dr. Rs.120
To Rakesh A/c Rs.5600
To Devendar A/c Rs.1120
(Being goods returned and GST reversed)
Bank A/c Dr. Rs.60000
To Hariharan A/c Rs.20000
To Rajhans A/c Rs.40000
(Being cheques received from Debtors)
Prabhat A/c Dr. Rs.4480
Rajan A/c Dr. Rs.1120
To Purchase Return A/c Rs.5000
To Input IGST A/c Rs.600
(Being goods returned to creditors and GST reversed)
Jawahar A/c Dr. Rs.50000
Vikas A/c Dr. Rs.10000
To Bank A/c Rs.60000
(Being cheques issued to creditors)
Bank A/c Dr. Rs.20000
To Hariharan A/c Rs.10000
To Rajhans A/c Rs.10000
(Being cheques received from Debtors)
Bank A/c Dr. Rs.14914
Interest A/c Dr. Rs.86
To Cheque in Hand A/c Rs.15000
(Being cheque discounted with bank @10% p.a)
Cash A/c Dr. Rs.21000
Discount Allowed A/c Dr. Rs.880
To Devendar A/c Rs.21880
(Being cash received and Discount allowed)
Trial Balance
as on 30.4.2018
Particulars Debit(Rs.) Credit(Rs.)
Cash 39900
Bank 69834
Capital 324000
Premises 200000
Delivery Van 50000
Fixtures 5000
Stock 75000
Rajan 7840
Passi 7840
Rakesh 3440
Delivery Van Expense 5700
Drawings 4000
Expense Payable 4520
Rent 5000
Purchase 30000
Prabhat 12320
Jawahar 50000
Vikas 35000
Sales 47000
Sales Returns 6000
Purchase Returns 5000
Interest 86
Discount 880
Input CGST 300
Input SGST 300
Input IGST 3000
Output CGST 1020
Output SGST 1020
Output IGST 2880
Total 498440 498440
Answer:
Cash drawings to rajesh prabhu 4000