Question

Vishal commenced business with cash RS 1,50000 & Building Rs 1,00,000 4. Deposited cash into bank RS 50,000 7. Purchased Computer from Rajesh of Rs 20,000 @18% GST and paid by Cheque. 10. Cash sales Rs 20,000 at 5 % GST 12. Goods sold on credit to Ganesh Rs 10,000 @ 5 %TD 18 Goods taken by Vishal for personal use Rs 1000 25 Paid Audit fees Rs 5,000 by cash 26 Goods of Rs 2000 distributed as a free sample 30 Paid for rent Rs 4000​

Answer 1

Answer:

cash a/c Dr 150000

building a/c Dr. 100000

To capital a/c 250000

Bank a/c Dr. 50000

To cash a/c. 50000

Computer a/c Dr. 20000

GST @ 18% a/c Dr. 3600

To Bank a/c 23600

Cash a/c Dr. 21000

To Sales a/c 20000

To Gst @ 5% a/c 1000

Ganesh a/c Dr. 9500

To Sales a/c 9500

Drawing a/c Dr. 1000

To purchase a/c 1000

Audit fees a/c Dr. 5000

To cash a/c 5000

Sales promotion express a/c Dr. 2000

To purchase a/c 2000

Rent a/c Dr. 4000

To Cash a/c 4000

Explanation:

1. 20000×18/100 = 3600

20000 + 3600 = 23600

2. 20000×5/100 = 1000

20000 + 1000 = 21000

3. cash sales = 10000

Less: t.d. @ 5% = 500

10000 - 500 = 9500