ACHIEVERS ACADEMY AKOLA

Solve the following Question

Illustration 1 (Without GST). Transactions of Ramesh for April are given below. Journalise them.

2017 Rs.

April 1 Ramesh started business with cash 1,00,000

April 1 Paid for repair of premises 10,000

April 2 Paid into bank 70,000

April 2 Loan from Bank taken against persona! fixed deposit 25,000

April 3 Bought goods for cash 5,000

April 4 Drew cash from bank for office 1,000

April 13 Bought goods from Shyam 22,500

April 13 Paid for Cartage 500

April 20 Sold goods to Krishna 15,000

April 24 Received from Krishna 15,000

April 28 Paid to Shyam by cheque 22,500

April 30 Cash sales for the month 8,000

April 30 Paid salary to Ram 3,000

April 30 Paid interest on loan from bank on repayment 250

Illustration 2. Transactions of Ramesh of Delhi for April, 2018 are given below. Journalise them.

2018 Rs.

April 1 Ramesh started business and brought capital in cash 1,00,000

April 2 Paid into bank 70,000

April 3 Bought goods for Rs. 5,000 plus CGST and SGST @ 6% each

April 4 Withdrew cash from bank for office 1,000

April 13 Sold goods to Krishna for Rs. 1,500 plus CGST and SGST © 6% each

April 20 Bought goods from Shyam for Rs. 3,000 plus CGST and SGST © 6% each

April 24 Cash received from Krishna 1,680

April 24 Sold goods to Rakesh for Rs. 10,000 plus CGST and SGST @ 6% each. He paid half the
amount by cheque and availed Cash Discount of 2%

April 28 Cash paid to Shyam 3,200

 Discount allowed by him 160

April 30 Cash sales for the month Rs. 8,000 plus CGST and SGST @ 6% each

April 30 Paid Rent Rs. 500 plus CGST and SGST @ 6% each

April 30 Paid Salary to Ram 3,000

Illustration 3. Pass Journal entries for the following:

(i) Interest due but not received Rs. 4,000.
(ii) Salaries due to staff Rs. 25,000.
(iii) Out of the rent paid this year, Rs. 2,000 relates to the next year.
(iv) Provide 10% depreciation on furniture costing Rs. 5,000.
(v) Goods used in making Furniture (Sale Price Rs. 2,000; Cost Rs. 1,500).
(vi) Received commission of Rs. 10,000 plus CGST and SGST @ 6% each by cheque, half of the amount is in advance.

4. Following are the transactions of R. Singh & Co., Kanpur (UP) for the month of July, 2017. You are required
to Journalise them:

2017 Rs.

July 1 Started business with cash 80,000

July 1 Cash paid into bank 50,000

July 1 Bought stationery of Rs. 300 plus CGST and SGST @ 6% each for cash

July 2 Bought goods of Rs. 21,000 plus CGST and SGST @ 6% each for cash

July 5 Sold goods of Rs. 7,500 plus CGST and SGST @ 6% each for cash

July 6 Bought office furniture of Rs. 5,000 plus CGST and SGST @ 6% each from Banerjee Bros,

July 11 Sold goods of Rs. 10,000 plus CGST and SGST @ 6% each to Mahendra

July 16 Sold goods of Rs. 5,000 plus CGST and SGST § 6% each to Ramesh & Co.

July 20 Bought goods of Rs. 20,000 plus GST @ 12% from S. Seth & Bros., Delhi

July 23 Bought goods of Rs. 2,250 plus GST @ 12% for cash from S. Namin & Co., Ludhiana
(Punjab)

July 26 Ramesh & Co. paid on account 2,500

July 28 Paid to S. Seth & Bros, by cheque in full settlement 22,000

July 31 Rent is due to S. Sharma but not yet paid 1,000

5. D, Chadha, Delhi commenced business on 1st January, 2018. His transactions for the month are given below.
Journalise them.

2018 Rs.

Jan. 1 Commenced business with Cash 25,000

Jan. 2 Opened Bank Account with cheque from his Savings Account 2,25,000

Jan. 3 Bought goods from Ramesh & Co., Delhi, paid CGST and SGST @ 6% each 54,000

Jan. 3 Sold goods to Rajesh of Rs. 60,000, charged CGST and SGST @ 6% each

Jan, 7 Bought goods of Rs. 65,000 from Rahul, Chennai, paid GST @ 12%

Jan. 8 Paid wages in cash 8,000

Jan. 8 Sold goods to Mahesh, Kochi of Rs. 60,000; charged GST @ 12%

Jan. 10 Received cheque from Rajesh (Discount allowed Rs. 1,200) 66,000

Jan. 10 Paid into bank 66,000

Jan. 11 Paid to Ramesh & Co. (discount received Rs. 2,700) 51,300

Jan. 12 Paid rent @ Rs. 15,000 per month for three months up to March, paid CGST and SGST @ 6%
each

Jan. 15 Paid wages in cash 8,000

Jan. 15 Paid office expenses in cash 700

Jan. 21 Sold to Mahesh, Delhi goods of Rs. 25,000, charged CGST and SGST @ 6% each

Jan. 22 Paid office expenses in cash 500

Jan. 22 Paid Rahul by cheque (discount Rs. 3,200) 61,300

Jan. 25 Received cheque from Mahesh, Kochi (discount Rs. 1,500) 65,700

Jan, 27 Mahesh, Delhi returned goods (not up to sample) 2,000

Jan. 29 Paid wages in cash 10,000

Jan. 31 Paid office expenses in cash 400

Jan. 31 Paid salaries for the month 20,000

6. Record the following tansactions in the Journal of Ashoka Furniture Traders:

2018 Rs.

Jan. 1 Started business with cash 50,000

Jan. 2 Deposited into bank from his Savings Account 3,50,000

Jan. 15 Paid installation charges for machinery 2,000

Jan. 20 Purchased timber from Singh & Co. of the list price of Rs. 20,000 plus CGST and SGST @ 6%
each

He allowed 10% Trade Discount.

Jan. 25 Timber costing Rs. 5,000 was used for furnishing the office

Jan. 31 Sold furniture to Rakesh of the list price of Rs. 10,000 and allowed him 10% Trade Discount.

Charged CGST and SGST @ 6% each

Jan. 31 Old furniture valued at Rs. 500 was taken from Rakesh in exchange. CGST and SGST

@ 6% each was paid

Feb. 10 Sent cheque to Singh & Co. in full settlement 19,000

Feb. 15 Received from Rakesh in full and final settlement 9,000

Feb. 20 Paid wages 15,000

Feb. 25 Issued a cheque for Rs. 5,000 in favour of the landlord for rent of February.

1. On the basis of the narrations, fill in the missing values:

JOURNAL

Date Particulars L.F. Dr. (Rs.) Cr. (Rs.)

(i) ... ...Dr.

... ...Dr.

To ... 6,00,000

(Being the capital introduced in cash Rs. 1,00,000 and balance by cheque)

(ii) ... ...Dr.

... ...Dr.

... ...Dr. ...

To ... 16,800

(Being the goods purchased in cash paying CGST and SGST @ 6% each)

(iii) ... ...Dr.

To ...

(Being the land purchased for Rs. 2,50,000. payment by cheque)

(iv) ... ...Dr. ...

... ...Dr.

To ... 1,12,000

(Being the goods purchased from Hari including IGST § 12%)

(v) ... ...Dr. 22,400

To ...

To ...

To ...

(Being the goods sold, charged CGST and SGST @ 6% each)

(vi) ... ...Dr.

 To ... 50,000

To ...

To ...

(Being the goods sold to Rajan charging CGST and SGST @ 6% each)

(vii) ... ...Dr. 5,000

... ...Dr.

... ...Dr.

To ...

(Being the goods returned by Rajan)

(viii) ... ...Dr.

To ... 4,000

To ...

(Being the goods returned to Hari)

(ix) ... ,..Dr. 11,000

To ... 11,000

(Being the insurance premium of personal car paid)

(x) ... ...Dr. 250

To ... 250

(Being the newspaper bill for the month paid)

(xi) ... ...Dr. 10,000

To ... 10,000

(Being the cheque paid to Akhil)

(xii) ... ...Dr. 20,000

To ... 20,000

(Being the loan taken against fixed deposit)

(xiii) ... ...Dr. 500

To CashA/c 500

(Being the cartage paid on purchases)

(xiv) ... ...Dr. 600

To ... 600

(Being the cartage paid on sales)

(xv) ... ...Dr. 200

To ... 200

(Being the interest charged by bank from the account)

(xvi) ... ...Dr.

... ...Dr.

To ... 50,000

To ...

To ...

(Being the goods sold to Vivek of Rs. 50,000 against 50% cash payment,
charged CGST and SGST @ 6% each)

(xvii) ... ...Dr.

... ...Dr.

To ...

(Being 75 paise in a rupee received out of Rs. 10,000 due from

Charan on his becoming bankrupt)

(xviii) ... ...Dr. 5,000

To ... 5,000

(Being the cash received against bad debt written off)

(xix) ... Dr. 10,000

To ... 10,000

(Being the cheque of Ranjan dishonoured)

(xx) ... Dr.

... Dr.

... Dr.

To ...

To ...

(Being the purchase of goods of Rs. 30,000 plus COST and SGST @ 6%
each, received cash discount @ 2%)

(xxi) ... Dr.

... Dr.

To ...

To ...

To ...
 (Being the sale of goods of Rs. 30,000 charged CGST § 6% each against
cheque, allowed cash discount @ 3%)

(xxii) ... Dr.

To ...

To ...

(Being the goods costing Rs. 15,000 lost in fire, these were purchased
paying IGST @ 12%)