The following balances appeared in the ledger of M/s Happy Traders on 1st April, 2021
Cash in Hand Rs.18,000
Cash at Bank Rs.36,000
Bill Receivable Rs.21,000
Ravi (Cr.) Rs.9,000
Stock (Goods) Rs.16,200
Bills Payable Rs.6,000
Rohit (Dr.) Rs.29,100
Harry (Dr.) Rs.30,000
Following transactions took place during the month:
2021 April
1. Goods sold to Manav Rs.9,000 plus CGST and SGST @6% each
2. Purchased goods from Ravi Rs.24,000 plus IGST @12%
3. Received cash from Rohit in full settlement Rs.27,600
4. Cash received from Harry Rs.12,000
5. Paid to Ravi by cheque Rs.18,000
6. Rent paid by cheque Rs.3,600 plus CGST and SGST @6% each
7. Cash received from Manav Rs.9,000
8. Cash sales Rs.18,000 plus CGST and SGST @6% each
9. Goods returned to Ravi Rs.3,000
10. Paid for advertisements Rs.2,000plus CGST and SGST @ 6% each
11. Drew for personal use Rs.3,000
12. Municipal taxes paid Rs.1,000
13. Paid for postal stamps, envelopes, postcards Rs.180
14. Salary paid Rs.7,500
15. Goods purchased from Shubham Traders Rs.21,000 plus CGST and SGST @ 6% each
16. Sold goods to Kiran Rs.18,000 plus IGST @12%
17. Furniture purchased for Rs.8,000 plus IGST @12% amount paid by cheque
Journalise the above transactions, post them to the ledger and balance the accounts and
prepare a Trial Balance.
Answers
Answer:
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Answer
Trail balance is prepared , ledger postings are attached.
Explanation:
In the books of M/s. Happy traders.
Journal Entries for the year ended 31-03-2022
01-04-2021 Manav A/c-----------Dr. 10080
To CGST A/c 540
To SGST A/c 540
To Goods A/c 9000
(Goods sold to Manav Rs.9,000 plus CGST and SGST @6% each)
02-04-2021 Goods A/c-------- ---Dr. 24000
IGST A/c----Dr. 2880
To Ravi A/c 26880
(Being Purchased goods from Ravi Rs.24,000 plus IGST @12%)
03-04-2021 Cash A/c--------------------------Dr. 27600
Discount Allowed A/c -------Dr. 1500
To Rohit A/c 29100
(Being cash received against full settlement of Rohit A/c)
04-04-2021 Cash A/c--------------------------Dr. 12000
To Harry A/c 12000
(Being cash received from Harry)
05-04-2021 Ravi A/c -------------------------Dr. 18000
To Bank A/c 18000
(Being cheque paid to Ravi)
06-04-2021 Rent A/c -------------------------Dr. 3600
CGST A/c-------------------------Dr. 216
SGST A/c--------------------------Dr. 216
To Bank A/c 4032
(Being Rent paid)
07-04-2021 Cash A/c--------------------------Dr. 9000
To Manav A/c 9000
(Being Cash received from Manav)
08-04-2021 Cash A/c--------------------------Dr. 20160
To Goods A/c 18000
To CGST A/c 1080
To SGST A/c 1080
(Being Cash sales made)
09-04-2021 Ravi A/c --------------Dr. 3360
To Goods A/c 3000
To CGST A/c 180
To SGST A/c 180
(Being goods returned to ravi)
10-04-2021 Advertisement A/c------------Dr 2000
CGST A/c-------------------------Dr. 120
SGST A/c--------------------------Dr. 120
To Cash A/C 2240
(Being Advertisement Paid)
11-04-2021 Drawings A/c--------------------Dr. 3000
To Cash A/c 3000
(Being drawings made from business)
12-04-2021 Municipal Taxes A/c------------Dr .1000
To Cash A/c 1000
(Being Municipal taxes paid)
13-04-2021 Postage A/c--------------------Dr. 180
To Cash A/c 180
(Being postage charges paid)
14-04-2021 Salary A/c--------------------Dr. 7500
To Cash A/c 7500
(Being salary paid)
15-04-2021 Goods A/c----------------- -----Dr. 21000
CGST A/c-------------------------Dr. 1260
SGST A/c--------------------------Dr. 1260
To Shubham TradersA/c 23520
(Being Goods purchased from Shubham Traders)
16-04-2021 Kiran A/c-----------Dr. 20160
To IGST A/c 2160
To Goods A/c 18000
(Being Sold goods to Kiran Rs.18,000 plus IGST @12%)
17-04-2021 Furniture A/c------------Dr. 8000
IGST A/c-----------Dr. 960
To Bank A/c 8960
(Being Furniture purchased along with IGST @12% amount paid by cheque)
