Question

Ram started business with cash Rs.75,000. He purchased goods for cash 10,000 and sold goods to Swati Rs.5,000. He also purchased furniture of Rs. 3,000 and cash received from Swati in full settlement of Rs 4,000. He paid rent Rs 1,000 and salary of Rs 1,500. i) What will be the total receipts in the cash book as per the above information? Rs. 84,000 Rs. 80,000 Rs. 79,000 Rs. 76,000 ii) What will be the total payments in the cash book as per above information? Rs. 10,000 Rs. 15,500 Rs. 12,000 Rs. 14,500 iii) What will be the closing balance of cash book as per above information? Rs. 63,500 Rs. 66,500 Rs. 88,500 Rs. 53,500 iv) If IGST @ 12% applicable, what will be the amount of output IGST? Rs. 600 Rs. 800 Rs. 900​

Answer 1

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Answer 2

Answer:

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Explanation:

               JOURNAL ENTRIES

(1) Ram started business with cash Rs.75,000.

  CASH A/C DR 75,000

    TO CAPITAL A/C   75,000

( COMMENCED BUSINESS WITH

  CASH)

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(2) He purchased goods for cash 10,000

PURCHASE A/C DR 10,000

 TO CASH A/C  10,000

( CASH PURCHASE )

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(3) sold goods to Swati Rs.5,000.

  SWATI A/C DR 5,000

       TO SALES  5000

( CASH SALES )

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(4)  purchased furniture of Rs. 3,000

   FURNITURE A/C DR 3,000

        TO CASH A/C  3,000

( FURNITURE PURCHASED )

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(5) cash received from Swati in full settlement of Rs 4,000.

      CASH A/C DR 4,000

    DISCOUNT A/DC DR 4,000

           TO SWATI A/C      5,000

( CASH RECEIVED FROM SWATI &

 DISCOUNT ALLOWED)

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(6) He paid rent Rs 1,000 and salary of Rs 1,500

    RENT A/C DR 1,000

   SALARY A/C DR 1,500

        TO CASH A/C    2,500

( RENT AND SALARY PAID)

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QUESTIONS

(1) What will be the total receipts in the cash book as per the above information?  

Rs. 84,000

Rs. 80,000

Rs. 79,000

Rs. 76,000

SOLUTION:  75,000 + 4,000 = ₹ 79,000

(2)  What will be the total payments in the cash book as per above information?

Rs. 10,000

Rs. 15,500

Rs. 12,000

Rs. 14,500

SOLUTION: 10,000 + 3,000 +2,500 = ₹ 15,500

(3) What will be the closing balance of cash book as per above information?

Rs. 63,500

Rs. 66,500

Rs. 88,500

Rs. 53,500

SOLUTION: 79,000 - 15,500 = ₹ 63,500

(4) If IGST @ 12% applicable, what will be the amount of output IGST?

Rs. 600

Rs. 800

Rs. 900​

SOLUTION: 5,000 × 12% = 600