Question

... urgently.help me for this problem I will give you 50 points......
a )rupees 3000, is sales proceeds of old machinery posted to sales account .
b) the price of goods rupees 50 the price of goods purchased from Sanjeev had been shown on the credit side of this account as rupees 500.
c)rupees 30 discount allowed by Pradeep has been sun in this account but not posted in discount account.
d) a sum of rupees 640 owed by Rajiv has not been included in the list of debtors.
e)give journal entries to correct the above errors and prepare suspense account there was a difference of rupees 860 in trial balance the difference bass posted to suspend account and the book was closed.​

Answer 1

the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

Answer 2

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1.If it is a Credit Sale

Hari A/c (under Sundry Debtor) Dr

To Sales A/c (Direct Income)

2. If it is a Cash Sale

Cash/Bank A/c (Under Current Asset) Dr

To Sale A/c

3. If it involves GST

Cash/Bank/Hari A/c (Sales fig + GST Fig) Dr

To Sale A/c

To CGST A/c (under current liabilities)

To SGST A/c (under current liabilities)

If it is an interstate sale, instead of CGST and SGST A/c, it will be IGST A/c alone.

4. If it is a consignment sale

At the time of sending goods (assuming Hari to be consignment agent)

Hari A/c Dr

To Goods sent on consignment A/c (current asset)

At the time of sale

1.Sale entry

Goods sent on consignment A/c Dr

To Sale A/c

To CGST A/c

To SGST A/c

2. Commission entry

Commission A/c (indirect Expense) Dr

CGST A/c Dr

SGST A/c Dr

To Hari A/c

GST in this commission can be deducted from GST liability.

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