Question

Journalise the following transactions in the books of Nina General Stores.

2018 Sept

1 Sold goods of ₹ 50,000 at 10% Trade Discount and 10% Cash Discount to Raj and received 50% by cheque and 20% by cash.

3 Bought goods worth ₹ 60,000 from Prashant at 7.5% Trade Discount and half amount paid by cash.

5 Returned goods worth ₹ 550 to Prashant.

7 Sold goods worth ₹ 90,000 to Ranvir on credit at 10% Trade Discount.

12 Received Commission ₹ 4,500.

15 Received cheque of ₹ 80,000 from Ranvir in full settlement of his account.

18 Purchased Computer worth ₹ 80,000 from Reliance Company by cheque at 28% GST.

22 Wages paid ₹ 13,000.

23 Paid for Life Insurance premium ₹ 17,000.

27 Sold goods worth ₹ 28,000 to Tushar who paid us ₹ 18,000 immediately

Answer 1

Journal of Nina General Stores
Date	Particulars	L.F. No.	Debit Amount (₹)	Credit Amount (₹)
2018
Sept. 1	Bank A/c    ...Dr.		20,250
	Cash A/c    ...Dr.		8,100
	Discount A/c    ...Dr.		3,150
	Raj's A/c    ...Dr.		13,500
	To Sales A/c			45,000
	(Being the goods sold at 10% T.D.and 10% C. D. 50% of the amount and 20% of the amount received by cheque and cash respectively)
3	Purchases A/c    ...Dr.		55,500
	To Cash A/c			27,750
	To Prashant's A/c			27,750
	(Being goods purchased  @ 7.5% T.D. from Prashant and half of the amount paid in cash)
5	Prashant's A/c     ...Dr.		550
	To Purchase Returns A/c			550
	(Being the goods return to Prashant)
7	Ranvir's A/c    ...Dr.		81,000
	To Sales A/c			81,000
	(Being the goods sold to Ranvir on credit @ 10% T.D.)
12	Cash A/c      ...Dr.		4,500
	To Commissions A/c			4,500
	(Being commission received in cash)
15	Bank A/c     ...Dr.		80,000
	Discount A/c    ...Dr.		1,000
	To Ranvir's A/c			81,000
	(Being cheque received and discount allowed)
18	Computer A/c     ...Dr.		80,000
	Input CGST A/c    ...Dr.		11,200
	Input SGST A/c     ...Dr.		11,200
	To Bank Alc			1,02,400
	(Being computer purchased with 28% GST and amount paid by cheque)
22	Wages A/c     ...Dr.		13,000
	To Cash A/c			13,000
	(Being wages paid in cash)
23	Drawings A/c      ...Dr.		17,000
	To Cash A/c			17,000
	(Being life insurance premium paid in cash)
27	Cash A/c   ...Dr.		18,000
	Tushar's A/c     ...Dr.		10,000
	To Sales Alc			28,000
	(Being goods sold partly on cash and partly on credit basis)
	Total		4,27,950	4,27,950

Working Notes:

1. 1st Sept. 2018:

Selling (invoice) price = ₹ 50,000

Trade Discount = 10% on ₹ 50,000

= `10/100 × 50,000`

= ₹ 5,000

Net selling price = 50,000 – 5,000 = ₹ 45,000

50% of the Net selling price received by cheque

Amount of cheque received = 50% of Net selling price – Cash discount

= `50/100 × 45,000`  –  10% on ₹ 22,500

= 22,500 – 2,250

= ₹ 20,250

20% of Net selling price received by cash.

Net amount of cash received = 20% of Net selling price – Cash discount

= `20/100` × 45,000 – Cash discount

= 9,000 – 10100 × 9000

= 9,000 – 900

= ₹ 8,100

30% of Net Selling price is not received

∴ Amount not received = `30/100` × 45,000 = ₹ 13,500

Total of cash discount = 2,250 + 900 = ₹ 3,150

2. 3rd Sept. 18:

Trade discount = 7.5% on 60,000

= `7.5/100` × 60,000

= ₹ 4,500

Net Purchase price = 60,000 –  4,500 = ₹ 55,500

3. 18th Sept. 18:

Calculation of GST

CGST = (Purchase Price of Computer) × 14%

= 80,000 × `14/100`

= ₹ 11,200

SGST = 80,000  × `14/100` = ₹ 11,200

Net Purchase price of Computer = 80,000 + 11,200 +

11,200 = ₹ 1,02,400