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.
In the books of Varun.
Oct,
1
2018
Machinery A/c Dr.
Freight A/c Dr.
To Cash A/c
[Being purchased machinery and paid for freight]
95,000
5,000
1,00,000
3
Purchase A/c Dr.
To Bank A/c
[Being purchased goods and paid by bank]
1,50,000
1,50,000
6
Laptop A/c Dr.
Input CGST 9% Dr.
Input SGST Dr.
To Cash A/c
[Being purchased laptop at 18% GST]
180000
16,200
2,12,400
10
Bank of Baroda A/c Dr.
To Cash A/c
[Being paid cash into Bank of Baroda]
70,000
70,000
12
Rent A/c Dr.
Commission A/c Dr.
To Cash A/c
[Being Rent & commission paid]
4,000
3,000
7,000
15
Purchase A/c Dr.
Input CGST 6% Dr.
Input SGST 6% Dr.
To Cash A/c
To Bank A/c
[Being purchased goods at 12%GST and half amount paid by RTGS]
120000
7,200
7,200
67,200
67,200
16
Purchase A/c Dr.
To Bank A/c
[Being purchased cash and paid by bank]
50,000
50,000
20
Bank A/c Dr.
To Sale A/c
To Output CGST 6%
To Output SGST 6%
[Being sold goods at12% GST and received by cheque
89,600
80,000
4,800
4,800
25
Telephone A/c Dr.
To Cash A/c
[Being telephone charges paid]
90,000
90,000
27
Cash A/c Dr.
To Sales A/c
[Being sold goods]
79,200
79,200
28
Purchase A/c Dr.
To Cash A/c
To Output CGST 9%
To Output SGST 9%
[Being purchased goods at 18% GST from Abhijeet & Sons]
1,77,000
1,50,000
13,500
13,500
30
Abhijeet & Sons A/c Dr.
To Discount received
To Cash A/c
[Being paid to Abhijeet & Sons by cheque at 10% Cash discount]
1,77,000
17,700
1,59,300
31
Advertisement A/c Dr.
Brokerage A/c Dr.
To Cash A/c
[Being paid for advertisement and brokerage]
8,000
12,000
20,000
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.
Calculation:
6. Purchased Laptop from Nagesh & Co. worth Rs. 1,80,000 @18% GST Calculation.
GST 18% - 1,80,000 *18/100 = 32,400
CGST 9% - 1,80,000 *9/100 = 16,200
SGST 9% - 1,80,000 *9/100 = 16,200
15. Bought goods from Tushar Company Ltd. Rs. 1,20,000 at 12% GST and paid 1/2 amount by RTGS Calculation.
GST 12% - 1,20,000 *12/100 = 14,400
CGST 6% - 1,20,000 *6/100 = 7,200
SGST 6% - 1,20,000 *6/100 = 7,200
Bank is paying half of the amount - 1,34,400/2 = 67,200
20. Invoiced goods to satish Rs. 80,000 at 12% GST and amount received by cheque Calculation.
GST 12% - 80,000 *12/100 = 9,600
CGST 6% - 80,000 *6/100 = 4,800
SGST 6% - 80,000 *6/100 = 4,800
27. Mrs. Varsha bought goods from us Rs. 90,000 at 12% Trade Discount Calculation.
12% Trade Discount - 90,000 *12/100 = 10,800
28. Purchased goods from Abhijeet & Sons Rs. 1,50,000 at 18% GST Calculation.
GST 18% - 1,50,000 *18/100 = 27,000
CGST 9% - 1,50,000 *9/100 = 13,500
SGST 9% - 1,50,000 *9/100 = 13,500
30. Paid to Abhijeet & Sons and received 10% Cash Discount by cheque Calculation.
10% Cash Discount - 1,77,000 *10/100 = 17,700
3 Gold Rule of Accounting. Personal Account: 1. Debit the Receiver.
2. Credit The Giver.
Real Account: 1. Debit What Comes In.
2. Credit What Goes Out.
Nominal Account: 1. Debit All Expenses and Losses.
2. Credit All Income and Gain.
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.
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.
Calculation:
6. Purchased Laptop from Nagesh & Co. worth Rs. 1,80,000 @18% GST Calculation.
GST 18% - 1,80,000 *18/100 = 32,400
CGST 9% - 1,80,000 *9/100 = 16,200
SGST 9% - 1,80,000 *9/100 = 16,200
15. Bought goods from Tushar Company Ltd. Rs. 1,20,000 at 12% GST and paid 1/2 amount by RTGS Calculation.
GST 12% - 1,20,000 *12/100 = 14,400
CGST 6% - 1,20,000 *6/100 = 7,200
SGST 6% - 1,20,000 *6/100 = 7,200
Bank is paying half of the amount - 1,34,400/2 = 67,200
20. Invoiced goods to satish Rs. 80,000 at 12% GST and amount received by cheque Calculation.
GST 12% - 80,000 *12/100 = 9,600
CGST 6% - 80,000 *6/100 = 4,800
SGST 6% - 80,000 *6/100 = 4,800
27. Mrs. Varsha bought goods from us Rs. 90,000 at 12% Trade Discount Calculation.
12% Trade Discount - 90,000 *12/100 = 10,800
28. Purchased goods from Abhijeet & Sons Rs. 1,50,000 at 18% GST Calculation.
GST 18% - 1,50,000 *18/100 = 27,000
CGST 9% - 1,50,000 *9/100 = 13,500
SGST 9% - 1,50,000 *9/100 = 13,500
30. Paid to Abhijeet & Sons and received 10% Cash Discount by cheque Calculation.
10% Cash Discount - 1,77,000 *10/100 = 17,700
3 Gold Rule of Accounting.
Personal Account: 1. Debit the Receiver.
2. Credit The Giver.
Real Account: 1. Debit What Comes In.
2. Credit What Goes Out.
Nominal Account: 1. Debit All Expenses and Losses.
2. Credit All Income and Gain.