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Question
Journalise the following transactions in the books of Varun
2018 Oct.
1 Purchased Machinery of ₹ 95,000 and paid ₹ 5,000 for freight.
3 Purchased goods for ₹ 1,50,000 and amount paid by Bank.
6 Purchased Laptop from Nagesh & Co. worth ₹ 1,80,000 @ 18% GST.
10 Paid into Bank of Baroda ₹ 70,000.
12 Paid for Rent ₹ 4,000 and Commission ₹ 3,000.
15 Bought goods from Tushar Company Ltd. ₹ 1,20,000 at 12% GST and paid 1/2 amount by RTGS.
16 Cash purchases ₹ 50,000 amount paid by cheque.
20 Invoiced goods to Satish ₹ 80,000 at 12% GST and the amount received by cheque.
25 Paid for Telephone charges ₹ 90,000
27 Mrs. Varsha bought goods from us ₹ 90,000 at a 12% Trade Discount.
28 Purchased goods from Abhijeet & Sons ₹ 1,50,000 at 18% GST.
30 Paid to Abhijeet & Sons and received 10% Cash Discount by cheque.
31 Paid for Advertisement ₹ 8,000 and Brokerage ₹ 12,000.
Solution
| Journal of Varun | ||||
| Date | Particulars | L.F. No. | Debit Amount (₹) | Credit Amount (₹) |
| 2018 Oct. 1 | Machinery A/c ...Dr. | 1,00,000 | ||
| To Cash A/c | 1,00,000 | |||
| (Being the machinery purchased on cash and freight paid) | ||||
| 3 | Purchases A/c ..Dr. | 1,50,000 | ||
| To Bank A/c | 1,50,000 | |||
| (Being goods purchased and amount paid by cheque) | ||||
| 6 | Laptop (Computer) A/c ...Dr. | 1,80,000 | ||
| Input CGST A/c ...Dr. | 16,200 | |||
| Input SGST A/c ...Dr. | 16,200 | |||
| To Nagesh and Co's A/c | 2,12,400 | |||
| (Being the laptop purchased with GST on credit from Nagesh and Co.) | ||||
| 10 | Bank of Baroda A/c ...Dr. | 70,000 | ||
| To Cash A/c | 70,000 | |||
| (Being cash deposited into the Bank) | ||||
| 12 | Rent A/c ...Dr. | 4,000 | ||
| Commission A/c ...Dr. | 3,000 | |||
| To Cash A/c | 7,000 | |||
| (Being rent and commission paid in cash) | ||||
| 15 | Purchases A/c ...Dr. | 1,20,000 | ||
| Input CGST A/c ...Dr. | 7,200 | |||
| Input SGST A/c ..Dr. | 7,200 | |||
| To Bank A/c | 67,200 | |||
| To Tushar company Ltd's A/c | 67,200 | |||
| (Being goods purchased with 12% GST and half of the amount paid by RTGS) | ||||
| 16 | Purchases A/C ...Dr. | 50,000 | ||
| To Bank A/c | 50,000 | |||
| (Being goods purchased and amount paid by cheque) | ||||
| 20 | Bank A/c ...Dr. | 89,600 | ||
| To Sales A/c | 80,000 | |||
| To Output CGST A/c | 4,800 | |||
| To Output SGST A/c | 4,800 | |||
| (Being goods sold with 12% GST and amount received by cheque) | ||||
| 25 | Telephone Charges A/c ...Dr. | 90,000 | ||
| To Cash A/c | 90,000 | |||
| (Being telephone charges paid in cash) | ||||
| 27 | Mrs. Varsha's A/c ....Dr. | 79,200 | ||
| To Sales A/c | 79,200 | |||
| (Being goods sold on credit at 12% Trade discount) | ||||
| 28 | Purchases A/c ...Dr. | 1,50,000 | ||
| Input CGST A/c ...Dr. | 13,500 | |||
| Input SGST A/c ...Dr. | 13,500 | |||
| To Abhijeet and Sons A/c | 1,77,000 | |||
| (Being goods purchased with 18% GST on credit) | ||||
| 30 | Abhijeet & Sons A/c ...Dr. | 1,77,000 | ||
| To Bank A/c | 1,59,300 | |||
| To Discount A/c | 17,700 | |||
| (Being amount due to Abhijit and sons paid by cheque and earn 10% cash discount) | ||||
| 31 | Advertisement A/c ...Dr. | 8,000 | ||
| Brokerage A/c ...Dr. | 12,000 | |||
| To Cash A/c | 20,000 | |||
| (Being advertisement and brokerage paid in cash) | ||||
| Total | 13,56,600 | 13,56,600 | ||
Working note:
1. Oct. 6 - Purchased Laptop from Nagesh & Co. worth Rs. 1,80,000 @18% GST Calculation.
GST 18% - `1","80","000 × 18/100 = 32","400`
CGST 9% - `1","80","000 × 9/100 = 16","200`
SGST 9% - `1","80","000 × 9/100 = 16","200`
2. Oct. 15 - Bought goods from Tushar Company Ltd. Rs. 1,20,000 at 12% GST and paid 1/2 amount by RTGS Calculation.
GST 12% - `1","20","000 × 12/100 = 14","400`
CGST 6% - `1","20","000 × 6/100 = 7","200`
SGST 6% - `1","20","000 × 6/100 = 7","200`
The bank is paying half of the amount - `1","34","400/2 = 67","200`
3. Oct. 20 - Invoiced goods to satish Rs. 80,000 at 12% GST and amount received by cheque Calculation.
GST 12% - `80","000 × 12/100 = 9","600`
CGST 6% - `80","000 × 6/100 = 4","800`
SGST 6%- `80","000 × 6/100 = 4","800`
4. Oct. 27 - Mrs. Varsha bought goods from us Rs. 90,000 at 12% Trade Discount Calculation.
12% Trade Discount - `90","000 × 12/100 = 10","800`
5. Oct. 28 - Purchased goods from Abhijeet and Sons Rs. 1,50,000 at 18% GST Calculation.
GST 18% - `1","50","000 × 18/100 = 27","000`
CGST 9% - `1","50","000 × 9/100 = 13","500`
SGST 9% - `1","50","000 × 9/100 = 13","500`
6. Oct. 30 - Paid to Abhijeet and Sons and received 10% Cash Discount by cheque Calculation.
10% Cash Discount - `1","77","000 × 10/100 = 17","700`
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|
2019 |
|
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|
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