Question

Sold to sunil goods in cash of rs 10000 less 10% trade discount plus cgst and sgst @6% each and received a net of 8500 plus CGST and SGST. Prepare a Journal Entry

Answer 1

Answer:

(v) Sold to Sunil goods in cash of ₹ 10,000 less 10% trade discount plus CGST and SGST @ 6% each and received a net of ₹ 8,500. (vi) Provided interest on capital of ₹ 1,00,000 @ 10% per annum. (vii) Goods lost in theft – ₹ 5,000, which were purchased paying IGST @ 12% from Alwar, Rajasthan.