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Question
Journalise the following transactions in the books of Dhoni Auto Car Centre:
2018 Nov
1 Sold 1,000 shares for ₹ 100 each and paid brokerage @ 1% and the amount credited to our account.
4 Purchased goods from Ashish & Co. of ₹ 2,00,000.
6 Sold goods to Virat & Co. ₹ 1,50,000.
8 Paid for Advertisement ₹ 30,000 to Times of India.
10 Paid for Printing and Stationery ₹ 7,000.
12 Purchased goods from Prakash & Co. ₹ 1,50,000 @ 18% GST.
15 Paid for Transport charges ₹ 10,000 @12% GST.
20 Purchased goods from Vikram & Sons ₹ 1,20,000 @ 18% GST and paid half the amount immediately.
25 Paid to Prakash & Co. less 10% discount.
30 Invoiced Goods to Sanjay ₹ 60,000.
31 Sanjay returned goods of ₹ 10,000.
31 Sanjay became insolvent and recovered only 50 paise in a rupee as a final settlement from him.
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Solution
| Journal of Dhoni Auto Car Centre | ||||
| Date | Particulars | L.F. No. | Debit Amount (₹) | Credit Amount (₹) |
| 2018 Nov. 1 | Bank A/c ...Dr. | 99,000 | ||
| Brokerage A/c ...Dr. | 1,000 | |||
| To Shares A/c | 1,00,000 | |||
| (Being shares sold and brokerage paid) | ||||
| 4 | Purchases A/c ...Dr. | 2,00,000 | ||
| To Ashish & Co's A/c | 2,00,000 | |||
| (Being goods purchased on credit from Ashish & Co.) | ||||
| 6 | Virat & Co's A/c ...Dr. | 1,50,000 | ||
| To Sales A/c | 1,50,000 | |||
| (Being the goods sold to Virat & company on credit) | ||||
| 8 | Advertisement A/c ...Dr. | 30,000 | ||
| To Cash A/c | 30,000 | |||
| (Being Advertisement bill paid to Times of India) | ||||
| 10 | Printing and Stationery A/c ...Dr. | 7,000 | ||
| To Cash A/c | 7,000 | |||
| (Being printing and stationery bill paid in cash) | ||||
| 12 | Purchases A/c ...Dr. | 1,50,000 | ||
| Input CGST A/c ...Dr. | 13,500 | |||
| Input SGST A/c ...Dr. | 13,500 | |||
| To Prakash & Co's A/c | 1,77,000 | |||
| (Being goods purchased on credit with 18% GST from Prakash & Company) | ||||
| 15 | Transport charges A/c ...Dr. | 10,000 | ||
| Input CGST A/c ...Dr. | 600 | |||
| Input SGST A/c ...Dr. | 600 | |||
| To Cash A/c | 11,200 | |||
| (Being transport charges with GST paid in cash) | ||||
| 20 | Purchases A/c ...Dr. | 1,20,000 | ||
| Input CGST A/c ...Dr. | 10,800 | |||
| Input SGST A/c ...Dr. | 10,800 | |||
| To Cash A/c | 70,800 | |||
| To Vikram & Sons A/c | 70,800 | |||
| (Being goods purchase with 18% GST from Vikram & Sons and paid half of the amount) | ||||
| 25 | Prakash & Co's A/c ...Dr. | 1,77,000 | ||
| To Cash A/c | 1,59,300 | |||
| To Discount A/c | 17,700 | |||
| (Being cash paid to Prakash & Co and earned 10% cash discount) | ||||
| 30 | Sanjay's A/c ...Dr. | 60,000 | ||
| To Sales A/c | 60,000 | |||
| (Being goods sold to Sanjay on Credit) | ||||
| 30 | Sales Return A/c ...Dr. | 10,000 | ||
| To Sanjay's A/c | 10,000 | |||
| (Being goods returned by Sanjay) | ||||
| 30 | Cash A/c ...Dr. | 25,000 | ||
| Bab debts A/c ...Dr. | 25,000 | |||
| To Sanjay's A/c | 50,000 | |||
| (Being 50% of the amount due recovered from the estate of Sanjay) | ||||
| Total | 11,13,800 | 11,13,800 | ||
Working Notes:
1. 2018, Nov. 1:
Amount credited to Bank A/c = Sales proceed – Brokerage @ 1%
= `1,000 × 100 - 1/100 × 1,000 × 100`
= 1,00,00 - 1,000
= ₹ 99,000
2. Nov. 12:
Net Purchase price = Purchase price + 9% CGST + 9% SGST
= `1,50,000 + 9/100 × 1,50,000 + 9/100 × 1,50,000`
= 1,50,000 + 13,500 + 13,500
= ₹ 1,77,000
3. Nov. 20:
Net Purchase price = Purchase price + 9% CGST + 9% SGST
= `1,20,000 + 9/100 × 1,20,000 + 9/100 × 1,20,000`
= 1,20,000 + 10,800 + 10,800
= ₹ 1,41,600
Amount paid = `1/2 `of 1,41,600 = ₹ 70,800 and credit purchased = ₹ 70,800.
4. Nov. 25:
Cash discount = Amount due to Prakash & Co × 10%
= `1,77,000 × 10/100`
= ₹ 17,700
5. Bad debts = Amount due from Sanjay – Amount recovered
= 50,000 - 50% of 50,000
= 50,000 - 25,000
= ₹ 25,000
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| 2019 April | |
| 1 | Mr. Anand started the business with cash of ₹ 60,000. |
| 5 | Purchased goods for cash ₹ 30,000. |
| 7 | Sold goods of ₹ 10,000 to Suresh. |
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| 30 | Paid to Urmila ₹ 20,000 on behalf of Sharmila. |
Journalise the following transactions in the books of Anand General Merchants.
|
2019 |
|
| 1 | Mr Anand started business with cash ₹60,000 |
| 5 | Purchased goods for cash ₹30,000. |
| 7 | Sold goods of ₹10,000 to Suresh. |
| 10 | Purchased Furniture from Mr. Govind on credit ₹30,000. |
| 15 | Paid for Rent ₹3000 and paid by debit card. |
| 21 | Purchased goods from Urmila on credit ₹70,000. |
| 27 | Paid for Transport ₹1,000 to United Transport. |
| 30 | Paid to Urmila ₹20,000 on behalf of Sharmila. |
Journalise the following transactions in the books of Anand General Merchants.
| 2019 April | |
| 1 | Mr. Anand started business with cash ₹ 60,000 |
| 5 | Purchased goods for cash ₹ 30,000. |
| 7 | Sold goods of ₹ 10,000 to Suresh. |
| 10 | Purchased Furniture from Mr. Govind on credit ₹ 30,000. |
| 15 | Paid for Rent ₹ 3000 and paid by debit card. |
| 21 | Purchased goods from Urmila on credit ₹ 70,000 |
| 27 | Paid for Transport ₹ 1,000 to United Transport. |
| 30 | Paid to Urmila ₹ 20,000 on behalf of Sharmila. |
Journalise the following transactions in the books of Anand General Merchants.
| 2019 May |
|
| 1 | Mr. Anand started business with cash ₹ 60,000. |
| 5 | Purchased goods for cash ₹ 30,000. |
| 7 | Sold goods of ₹ 10,000 to Suresh. |
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| 30 | Paid to Urmila ₹ 20,000 on behalf of Sharmila. |
