Question

Journalise the following transactions in the books of Kunal Stores.

2018 August

1 Purchased goods of ₹ 90,000 at 10% Trade Discount and 10% Cash Discount from Rakesh and 1/3rd amount paid by cheque.

5 Opened current account in State Bank of India by depositing ₹ 60,000.

8 Cash purchases ₹ 85,000.

10 Goods sold on credit to Tushar ₹ 20,000 @ 10% Trade Discount.

12 Paid Salary ₹ 4,000.

16 Tushar returned goods of ₹ 250.

17 Goods taken by Kunal for his private use ₹ 2,000.

20 Purchased Laptop of ₹ 40,000 from Joshi Electronics @ 18% GST and paid by cheque.

22 Rent paid by cheque ₹ 15,000.

25 Purchased Motor car worth ₹ 2,00,000 for cash @ 18% GST and paid by Bank.

26 Goods distributed as free sample ₹ 4,000.

28 Purchased goods from Amit of ₹ 60,000 on credit.

30 Paid by ECS cash to Amit ₹ 58,500, who allowed us a discount of ₹ 1,500.

30 Sold goods ₹ 5,000 at a loss of ₹ 1,000

31 Sold goods for ₹ 20,000.

Answer 1

Journal of Kunal Stores
Date	Particulars	L.F. No.	Debit Amount (₹)	Credit Amount (₹)
2018
August 1	Purchases A/c     ...Dr.		81,000
	To Bank A/c			24,300
	To Cash Discount A/c			2,700
	To Rakesh's A/c			54,000
	(Being the goods Purchased @ 10% T.D. and 10% C.D., 1/3rd 'amount paid by cheque)
5	State Bank of India's A/c    ....Dr.		60,000
	To Cash A/c			60,000
	(Being the cash deposited into the bank to open current A/c)
8	Purchases A/c    ...Dr.		85,000
	To Cash A/c			85,000
	(Being the goods purchased and cash paid.)
10	Tushar's A/c     ...Dr.		18,000
	To Sales A/c			18,000
	(Being the goods sold on credit @ 10% T. D.)
12	Salary A/c    ...Dr.		4,000
	To Cash A/c			4,000
	(Being salary paid in cash)
16	Sales Return A/c    ....Dr.		250
	To Tushar's A/c			250
	(Being the goods returned by Tushar)
17	Drawings A/c     ...Dr.		2,000
	To Goods withdrawn by Proprictors A/c			2,000
	(Being the goods withdrawn by the Proprietor for personal use)
20	Laptop/Computer A/c    ...Dr.		40,000
	Input CGST A/c    ...Dr.		3,600
	Input SGST A/c     ...Dr.		3,600
	To Bank A/c			47,200
	(Being Laptop purchase with 18% GST and amount paid by cheque)
22	Rent A/c      ...Dr.		15,000
	To Bank A/c			15,000
	(Being Rent paid by cheque)
25	Motor Car A/c      ...Dr.		2,00,000
	Input CGST A/c     ...Dr.		18,000
	Input SGST A/c     ...Dr.		18,000
	To Bank A/c			2,36,000
	(Being motor car purchased with 18% GST and amount paid by cheque)
26	Advertisement A/c     ...Dr.		4,000
	To Goods distributed as free sample A/c			4,000
	(Being the goods distributed as free samples)
28	Purchases A/c   ...Dr.		60,000
	To Amit's A/c			60,000
	(Being the goods purchased from Amit on credit)
30	Amit's A/c     ...Dr.		60,000
	To Bank A/c			58,500
	To Discount A/c			1,500
	(Being the amount paid and discount earned)
30	Cash A/c      ...Dr.		4,000
	Loss on Sale of Goods A/c     ...Dr.		1,000
	To Sales A/c			5,000
	(Being the goods sold on cash at a loss of ₹ 1000)
31	Cash A/c      ...Dr.		20,000
	To Sales A/c			20,000
	(Being the goods sold on cash basis)
	Total		6,97,450	6,97,450

Working Notes:

1. 2018 Aug. 1st:

Trade discount = 10% on Purchase catalogue price

= `10/100 × 90,000`

= ₹ 9,000

Net Purchase price = 90,000 – 90,00 = ₹ 81,000

Amount paid = `1/3 × 81,000` = ₹ 27,000

Cash discount = 10% on 27,000

= `10/100 × 27,000`

= ₹ 2700

Amount paid by cheque = 27,000 – 2700 = ₹ 24,300

2. Aug. 10th:

Net price of Goods sold to Tushar = 20,000 – 10% Trade discount

= `20,000  - 10/100 × 20,000`

= 20,000 – 2,000

= ₹ 18,000

3. 20th Aug. 2018:

Calculation of GST

CGST = 9% on ₹ 40,000

= `9/100 × 40,000`

= ₹ 3,600

SGST = 9% on ₹ 40,000

= `9/100 × 40,000`

= ₹ 3,600

4. 25th Aug. 2018:

Calculation of GST

CGST = 9% on ₹ 2,00,000

= `9/100 × 2,00,000`

= ₹ 18,000

SGST = 9% on ₹ 2,00,000

= `9/100 × 2,00,000`

= ₹ 18,000