Journalise the following transactions in the books of Varun
2018 Oct. 1. Purchased Machinery of Rs. 95,000 and paid Rs. 5,000 for Freight.
3. Purchased goods for Rs. 1,50,000 and amount paid by Bank.
6. Purchased Laptop from Nagesh & Co. worth Rs. 1,80,000 @18% GST.
10. Paid into Bank of Baroda Rs. 70,000.
12. Paid for Rent Rs. 4,000 and Commission Rs. 3,000.
15. Bought goods from Tushar Company Ltd. Rs. 1,20,000 at 12% GST and paid 1/2 amount by RTGS.
16. Cash purchases Rs. 50,000 amount paid by Cheque.
20. Invoiced goods to satish Rs. 80,000 at 12% GST and amount received by cheque.
27. Mrs. Varsha bought goods from us Rs. 90,000 at 12% Trade Discount.
28. Purchased goods from Abhijeet & Sons Rs. 1,50,000 at 18% GST.
30. Paid to Abhijeet & Sons and received 10% Cash Discount by cheque.
31. Paid for Advertisement Rs. 8,000 and Brokerage Rs. 12,000.
Solution:
In the books of Varun.
1. Purchased Machinery of Rs. 95,000 and paid Rs. 5,000 for Freight.
3. Purchased goods for Rs. 1,50,000 and amount paid by Bank.
6. Purchased Laptop from Nagesh & Co. worth Rs. 1,80,000 @18% GST.
10. Paid into Bank of Baroda Rs. 70,000.
12. Paid for Rent Rs. 4,000 and Commission Rs. 3,000.
15. Bought goods from Tushar Company Ltd. Rs. 1,20,000 at 12% GST and paid 1/2 amount by RTGS.
16. Cash purchases Rs. 50,000 amount paid by Cheque.
20. Invoiced goods to satish Rs. 80,000 at 12% GST and amount received by cheque.
27. Mrs. Varsha bought goods from us Rs. 90,000 at 12% Trade Discount.
28. Purchased goods from Abhijeet & Sons Rs. 1,50,000 at 18% GST.
30. Paid to Abhijeet & Sons and received 10% Cash Discount by cheque.
31. Paid for Advertisement Rs. 8,000 and Brokerage Rs. 12,000.
Solution:
In the books of Varun.
Oct,1 | Machinery A/c Dr. | 95,000 | | |
3 | Purchase A/c Dr. | 1,50,000 | | |
6 | Laptop A/c Dr. | 180000 | | |
10 | Bank of Baroda A/c Dr. | 70,000 | | |
12 | Rent A/c Dr. | 4,000 | | |
15 | Purchase A/c Dr. | 120000 | | |
16 | Purchase A/c Dr. | 50,000 | | |
| | | | |
20 | Bank A/c Dr. | 89,600 | | |
25 | Telephone A/c Dr. | 90,000 | | |
27 | Cash A/c Dr. | 79,200 | | |
28 | Purchase A/c Dr. | 1,77,000 | | |
30 | Abhijeet & Sons A/c Dr. | 1,77,000 | | |
31 | Advertisement A/c Dr. | 8,000 | |
Explanatory Notes:
1. Purchased Machinery and paid Freight. Machinery and Freight account Debited to debit side because Machinery is an asset, Debit What Comes In and Freight is an expense, Debit all expense and losses. and on credit side Cash account Credit What Goes Out.
15. Bought goods from Tushar Company Ltd. at 12% GST and paid 1/2 amount by RTGS. Purchase account debited because Debit the Receiver and CGST and SGST is an expense therefore it is also debited to debit side. On Credit Side Bank and Cash account because half amount is paid by RTGS [Real Time Gross Settlement] which refer to Fund Transfer System.
6. Purchased Laptop from Nagesh & Co. worth Rs. 1,80,000 @18% GST Calculation.
15. Bought goods from Tushar Company Ltd. Rs. 1,20,000 at 12% GST and paid 1/2 amount by RTGS Calculation.
20. Invoiced goods to satish Rs. 80,000 at 12% GST and amount received by cheque Calculation.
27. Mrs. Varsha bought goods from us Rs. 90,000 at 12% Trade Discount Calculation.
28. Purchased goods from Abhijeet & Sons Rs. 1,50,000 at 18% GST Calculation.
30. Paid to Abhijeet & Sons and received 10% Cash Discount by cheque Calculation.
On date 30. Amount is paid by cheque so credit should be of bank A/c not cash A/c
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