Question

With GST) Joumalise the following transactions in the books of Pradeep Delhi
He started business contributing 10.000 in cash, 75,00,000 in cheque and a building
valued at 75,00,000
Purchased goods from Fair deals, Moradabad for 2,00.000 out of which cheque was
issued for 60.000
Sold goods on credit to Sandeep, Delhi for 2,60,000.
M Received 2,86,700 by cheque from Sandeep in full settlement of his account
Paid 1,60,000 to Fair deals in full settlement of amount due to them.
A new machine of 3,00,000 was purchased from Pristine Tools Ltd., Meerut in exchange
of an old machine valued at 50,000. He gave a cheque of 1,20,000 from his savings
account and balance from firm's account.
(vi) Purchased machinery from Raj Shyama & Co., Delhi tor 3 1,50,000 on credit
(vi) Depreciation of 15,000 was provided on machinery at the end of the year
(4) Pradeep issued a cheque for * 80,000 from his savings account in firm's name.
Paid 78,000 as income tax
A cheque amounting to 7 50,000 deposited in the bank trom his savings account returned
dishonoured for insufficient funds.
CGST and SGST @ 6% each is to be levied on intra-state (within the state purchase and
sale) while IGST is to be levied @ 12% on inter-state transactions,

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Answer 1

Answer:

Date Particulars Amount Amount

1 Cash A/C                                                           Dr.  10000  

Bank A/C                                                           Dr.  7500000  

Building A/C                                                      Dr.  7500000  

             To Capital A/C                                                        15010000

   

2 Purchases A/C                                                 Dr. 200000  

Input IGST A/C                                                 Dr. 24000  

              To Fair Deals' A/C                                               224000

   

3 Fair Deals' A/C                                                 Dr. 60000  

              To Bank A/C                                                       60000

   

4 Sandeep's A/C                                                Dr. 291200  

              To Sales A/C                                                260000

              To Output CGST A/C                                    15600

              To Output SGST A/C                                   15600

   

5 Bank A/C                                                           Dr. 286700  

Discount Allowed A/C                                     Dr. 4500  

              To Sandeep's A/C                                            291200

   

6 Fair Deals' A/C                                                Dr. 164000  

              To Bank A/C                                              160000

              To Discount Received A/C                      4000

   

7 New Machinery A/C                                     Dr. 300000  

               To Old Machinery A/C                                    50000

               To Capital A/C                                             120000

               To Bank A/C                                                    130000

   

8 Machinery A/C                                                Dr. 3150000  

              To Shyama & Co,.                                      3150000

   

9 Depreciation A/C                                           Dr. 15000  

              To Machinery A/C                                     15000

   

10 Bank A/C                                                            Dr. 80000  

               To Capital A/C                                                 80000

   

11 Income Tax A/C                                              Dr. 78000  

                To Bank A/C                                                78000

   

12 Capital A/C                                                       Dr. 750000  

                To Bank A/C                                                        750000