Pass journal entries for the following transactions in the books of Mr. Kapil: (i) Purchased goods from Sonu for Rs. 1,50,000 at a trade discount o...

Question

Pass journal entries for the following transactions in the books of Mr. Kapil: (i) Purchased goods from Sonu for Rs. 1,50,000 at a trade discount of 10% plus CGST and SGST @ 6% each. (ii) Sold goods to Mohit for Rs.50,000 and charged CGST and SGST @ 5% each. Out of the amount due 40% is received by cheque immediately. (iii) Goods costing Rs. 25,000 withdrawn for personal use. Such goods were purchased by paying CGST and SGST@ 6% each. (iv) Machinery purchased from M/ s, Bright Industries for Rs. 2,00,000 plus CGST and SGST@ 9% each. Paid Rs. 1,00,000 immediately by cheque and balance to paid after two months. [June 2024, 4 X 1 = 4 Marks]

Accepted Answer

Option : Correct Option. Solution: In the books of Mr. Kapil Journal Entries Date Particulars L.F. Amount (Dr.) Amount (Cr.) (i) Purchases A/ c [90% x 150000] Dr. Input CGST A/c [6% x 135000] Dr. Input SGST A/c [6% x 135000] Dr. To Sonu A/c (Being goods purchased at 10% trade discount & CGST and SGST charged @ 6% each) 1,35,000 8,100 8,100 - - - - 1,51,200 (ii) Bank A/ c [ 40% x 55000] Dr. Mohit A/ c [ 60% x 55000] Dr. To Sales A/c To Output CGST A/ c [5% x 50000] To Output SGST A/ c [5% x 50000] (Being goods sold to Mohit & CGST and SGST charged @ 5% each. 40% received by cheque immediately) 22,000 33,000 - - - - - 50,000 2,500 2,500 (iii) Drawings A/ c Dr. To Purchases A/ c To Input CGST A/ c [6% x 25000] To Input SGST A/ c [6% x 25000] (Being goods withdrawn for personal use) 28,000 - - - - 25,000 1,500 1,500 (iv) Machinery A/ c Dr. Input CGST A/c [9% x 200000] Dr. Input SGST A/ c [9% x 200000] Dr. To Bank A/c To Bright Industries A/c (Being machinery purchased at CGST and SGST@ 9% each, Rs. 1,00,000 paid by cheque immediately) 2,00,000 18,000 18,000 - - - - - 1,00,000 1,36,000

Options

Correct Answer

All Options:

Detailed Solution & Explanation

More Questions from Accounting Process

Ready to Master Accounting Process?