Question

Record the following transactions in the books of Ravi & Co., Lucknow assuming all transaction have

been entered within the State of Uttar Pradesh, Charging CGST and SGST @ 6% each.

(i) Started business with Cash `50,000 and Cheque of `4,00,000.

(ii) Bought goods of the list price of `1,00,000 from Gopal Bros. less 20% trade discount and 5%

Cash discount on purchase price. 60% of the amount was paid immediately by cheque.

(iii) Sold goods to Manoj & Co. of the list price of `2,00,000 less 15% trade discount and 4% Cash

discount on sale price and received 40% by cheque.

(iv) Paid to Gauri Shankar `95,000 by Cheque after deducting 5% Cash discount.

(v) Electricity expenses paid by Cheque for office `20,000 and for residence of Proprietor `10,000.

(vi) Paid salaries by Cheque `25,000.

(vii) Dinanath, a debtor for `40,000 has become bankrupt and 25% is received from his estate by

Cheque.

(viii) Withdrew from bank `60,000 for office use and `20,000 for personal use.

(ix) Received by Cheque for a bad debt written off last year `10,000.

(x) Sold goods costing `60,000 to Kishore against Cheque at a profit of 25% on cost less 10% trade

discount. Cash discount allowed @ 2% on sale price.

Ignore adjustment and payment of GST​

Answer 1

Explanation:

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