Record the following transactions in the books of Sahdev & Sons assuming all transactions
have been entered within the state of Bihar, Charging CGST and SGST @ 9% each.
(i) Bought goods from Nanak Bros. for ₹ 4,00,000 at 10% trade discount and 3% cash discount
on purchase price. 25% of the amount paid at the time of purchase.
(ii) Sold goods to Kumar & Sons. for ₹ 2,00,000 at 20% trade discount and 5% cash discount on
sale price. 60% of the amount received by Cheque.
(iii) Received from Gopi Chand ₹ 38,000 by Cheque after deducting 5% cash discount.
(iv) Paid ₹ 20,000 for rent by Cheque.
(v) Paid ₹ 50,000 for salaries by Cheque.
(vi) Goods worth ₹ 10,000 distributed as free samples.
(vii) ₹ 5,000 due from Chanderkant are bad-debts.
(viii) Sold household furniture for ₹ 15,000 and the proceeds were invested into business. (5)
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