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Question
Journalise the following transactions in the books of Sanjay General Stores:
2019 June
1 Started business with cash ₹ 50,000, Bank ₹ 1,00,000, Goods worth ₹ 50,000.
5 Purchased goods from Mohan on credit ₹ 80,000 at 10% Trade Discount.
9 Sold goods to Urmila ₹ 30,000 at 5% Trade Discount.
12 Paid into Dena Bank ₹ 40,000.
15 Goods worth ₹ 5000 were distributed as a free samples.
22 Paid for Commission ₹ 5,000 to Anand.
24 Received ₹ 28,000 from Urmila in full settlement of her account by Debit Card.
29 Paid for Advertisement ₹ 9,000.
30 Purchased Laptop for ₹ 20,000 @ 28% GST and amount paid by NEFT.
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Solution
| Journal of Sanjay General Stores | ||||
| Date | Particulars | L.F. No. | Debit Amount (t) | Credit Amount (t) |
| 2019 | ||||
| June 1 | Cash A/c ...Dr. | 50,000 | ||
| Bank A/c ...Dr. | 1,00,000 | |||
| Goods A/c ...Dr. | 50,000 | |||
| To Capital A/c | 2,00,000 | |||
| (Being the business started with cash, bank balance and stock of goods) | ||||
| 5 | Purchases A/c ...Dr. | 72,000 | ||
| To Mohan's A/c | 72,000 | |||
| (Being the goods purchased on credit at 10% trade discount) | ||||
| 9 | Urmila's A/c ... Dr. | 28,500 | ||
| To Sales A/c | 28,500 | |||
| (Being goods sold on credit @ 5% trade discount) | ||||
| 12 | Dena Bank A/c ...Dr. | 40,000 | ||
| To Cash A/c | 40,000 | |||
| (Being cash paid into Dena Bank) | ||||
| 15 | Advertisement A/c ...Dr. | 5,000 | ||
| To Goods distributed as free samples A/c. | 5,000 | |||
| (Being the goods distributed as free samples) | ||||
| 22 | Commission A/c ...Dr. | 5,000 | ||
| To Cash A/c | 5,000 | |||
| (Being commission paid to Anand) | ||||
| 24 | Bank A/c ...Dr. | 28,000 | ||
| Discount A/c ...Dr. | 500 | |||
| To Urmila's A/c | 28,500 | |||
| (Being amount received through debit card and discount allowed) | ||||
| 29 | Advertisement A/c ...Dr. | 9,000 | ||
| To Cash A/c | 9,000 | |||
| (Being advertisement expenses paid in cash) | ||||
| 30 | Laptop/Computer A/c ...Dr. | 20,000 | ||
| Input CGST A/c ...Dr. | 2,800 | |||
| Input SGST A/c .... Dr. | 2,800 | |||
| To Bank A/c | 25,600 | |||
| (Being Laptop purchased with 28% GST and amount paid by NEFT) | ||||
| Total | 4,13,600 | 4,13,600 | ||
Working Note:
5th June 2019:
Calculation of Trade discount
Purchased goods for ₹ 80,000 @ 10% Trade discount
Trade discount = `80,000 × 10/100 `= ₹ 8,000
Net Purchase Price = 80,000 – 8,000 = ₹ 72,000
24th June 2019:
Discount allowed to Urmila = Amount due – Amount received
= 28,500 – 28,000
= ₹ 500
30th June 2019:
Calculation of CGST and SGST
Price of Laptop = ₹ 20,000 @ 28% GST.
CGST = (Price of Laptop) × Rate of CGST
= `20,000 × 14/100`
= ₹ 2,800
SGST = (Price of Laptop) × Rate of SGST
= `20,000 × 14/100`
= ₹ 2,800
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| 2019 April | |
| 1 | Mr. Anand started the business with cash of ₹ 60,000. |
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Journalise the following transactions in the books of Anand General Merchants.
|
2019 April |
|
| 1 | Mr. Anand started the 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. |
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| 21 | Purchased goods from Urmila on credit ₹ 70,000. |
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Journalise the following transactions in the books of Anand General Merchants.
|
2019 |
|
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| 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 | |
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| 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. |
| 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. |
