WITH GOODS AND SERVICES TAX (GST)
Journalise the following transactions in the books of Manita Duggal of Jalandhar
2019
Jan. 1. Started Business with Cash 7,00.000.
Jan. 2. Opened a Bank Account by depositing 50,000
Jan. 3. Furniture purchased from M's Raja Furniture House Jalandhar for 70,000.
Jan. 5. Purchases goods from M's Sham Lal and Sons Jalandhar. for * 15,000 on cash.
Jan. 6. Sold goods to Ms Karam Chand & Sons Amritsar, for 9.600.
Jan. 9 Cash sale Banked 9.000.
Jan. 10. Bought postage stamps for 300.
Jan 12 Office equipment purchased from M's XYZ Ltd., Mumbai for 30,000 plus 12%
IGST.
Jan. 14 Account books and Calculator purchased from M's Mohan Bros., Jalandhar by cash
for 2.700.
Jan. 16. Goods received back from Ms Karam Chand and Sons, Amritsar for 1.600.
Jan. 18. Received by cheque an amount of * 8.800 from Ms Karam Chand & Sons,
Amritsar in full settlement of his account.
2.
Jan. 25. Purchased goods from Ajay of Ludhiana 4,000 who allow 10% trade discount.
Jan. 27 Drew cheque for personal use 15.000.
Jan. 28. Sold goods worth 14,000 to Mr. Jagdeep of Jalandhar less 10% Trade discount.
Jan. 29. Salaries paid by cheque to various employees of a firm amounting to 58,000.
Jan. 31. Cash received from Mr. Jagdeep of Jalandhar in full settlement of his account
14.000
CGST and SGST is levied @ 6% each on Intra-state sale and Purchase. IGST is levied @ 12%on inter state sale and purchase.
Answers
Explanation:
cash A/c Dr 7,00,000
To capital A/c 7,00,000
Bank A/c Dr 50,000
To cash A/c 50000
furniture A/c Dr 70,000
input cgst A Dr 4200
input sgst A/c Dr 4200
To Raja A/c 78400
purchase A/c Dr 15,000
input cgst A/c Dr 900
input sgst A/c Dr 900
To cash A/c 1680
mr karam chand A/c Dr 10752
To sales A/c 9600
To output cgst A/c 576
To output sgst A/c 576
Bank A/c Dr 9000
To cash A/c 9000
postage and stamps A/c Dr 300
To cash A/c 300
office equipment A/c Dr 30000
Input Igst A/c Dr 3600
To xyz A/c 33600
stationery A/c Dr 2700
To cash A/c 2700
sales return A/c Dr 1600
To karam chand A/c 1600
Bank A/c Dr 8800
discount A/c Dr 352
To karam chand A/c 9152
purchase A/c Dr 3600
input cgst A/c Dr 216
input sgst A/c Dr 216
To Ajay A/c 4032
Drawing A/c Dr 15000
To bank A/c 15000
Jagdeep A/c Dr 14112
To sales A/c 12600
To output cgst A/c 756
To output sgst A/c 756
salary A/c Dr 58000
To bank A/c 58000
Cash A/c Dr 14,000
discount A/c Dr 112
To jagdeep A/c 14112
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Explanation:
these are the required journal entries
