Question 1: Journalise the following Transactions
in the books of Rajan of Delhi:
(i) Sold
goods t to Krishna of Delhi at the list price 20,000 less trade discount 10%
add CGST and SGST @ 9% each., and allowed cash
discount 5%, He paid the amount immediately.
(ii) Supplied goods costing ` 6,000 to Mohan of Kolkata issued
invoice at 10% above Cost
less 5% trade discount plus 1GST@ 18%.
(iii) Goods valued at ` 2,500 distributed from stock as
samples, as part of an advertising campaign. These goods were purchased paying
CGST and SGST @ 9% each.
(iv) Sold goods costing` 1,00,000 to
Anil of Delhi at a profit of 20% on sales less 20% Trade
Discount plus CGS'T and SGST @ 9%
each.
Answer:
|
JOURNAL OF RAJAN |
|||||
|
Date
|
Particulars
|
|
L.F. |
Dr. (`) |
Cr. (`) |
|
(i) |
Cash
A/c Discount
Allowed A/c To
Sales A/c To Output CGST A/c To
Output SGST A/c |
Dr. Dr. |
|
20,178 900 |
18,000 1,539 1,539 |
|
|
(Being
the goods of list price `
20,000 sold, charged CGST and SGST @ 9% each, allowed 10% trade discount and
5% cash discount) (WN 1) |
|
|
|
|
|
(ii) |
Mohan
|
Dr. |
|
7,399 |
|
|
|
To
Sales A/c |
|
|
|
6,270 |
|
|
To
Output IGST A/c |
|
|
|
1,129 |
|
|
(Being
the goods supplied of list price ` 6,600 (`
6,000 + 10% of `6,000) plus IGST @ 18%, allowed 5% trade
discount (i.e., `6,600 – `330)) (WN 2) |
|
|
|
|
|
(iii) |
Advertisement/Samples/Sales
Promotion Expenses A/c |
Dr. |
|
2,950 |
|
|
|
To
Purchases A/c |
|
|
|
2,500 |
|
|
To
Input CGST A/c |
|
|
|
225 |
|
|
To Input SGST A/c |
|
|
|
225 |
|
|
(Being
the goods distributed as samples, Input CGST and Input SGST reversed) (WN 3) |
|
|
|
|
|
(iv) |
Anil
|
Dr. |
|
1,18,000 |
|
|
|
To Sales A/c |
|
|
|
1,00,000 |
|
|
To output CGST A/c |
|
|
|
9,000 |
|
|
To output SGST A/c |
|
|
|
9,000 |
|
|
(Being
the goods sold on credit, charging CGST and SGST @ 9% each) (WN 4) |
|
|
|
|
Working notes:
|
WN 1. |
|
|
List Price |
20,000 |
|
Less: Trade Discount @ 10% |
2,000 |
|
|
18,000 |
|
Less: Cash Discount @ 5% of ` 18,000 |
900 |
|
|
17,100 |
|
Add: CGST @ 9% of ` 17,100 |
1,539 |
|
SGST @ 9% of ` 17,100 |
1,539 |
|
Net Amount |
20,178 |
|
|
|
|
WN 2. |
|
|
Cost of Goods Sold |
6,000 |
|
Add: Mark-up (10%) |
600 |
|
|
6,600 |
|
Less: Trade Discount (5%) |
330 |
|
|
6,270 |
|
Add: IGST @ 18% |
1,129 |
|
Net Amount |
7,399 |
|
WN 3. |
|
|
Cost of Goods given as Samples |
2,500 |
|
Add: CGST |
225 |
|
SGST |
225 |
|
Total |
2,950 |
|
|
|
|
WN 4. |
|
|
Cost of Goods Sold |
1,00,000 |
|
Add: Profit on Cost* (25%) |
25,000 |
|
|
1,25,000 |
|
Less: Trade Discount (20%) |
25,000 |
|
Sale Value Add: Output CGST |
1,00,000 9,000 |
|
Output SGST |
9,000 |
|
|
1,18,000 |
|
If Sales is ` 100; Profit = 20% on Sales = ` 20; Cost = ` 80 Therefore, Profit on Cost (%) = `20× 100 / `80= 25%. |
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