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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Journalise the following transactions in the books of Gupta Bros., Lucknow (UP):
| 2024 | Transaction | ₹ |
|---|---|---|
| March 1 | Started business with cash ₹30,000; goods ₹15,000 and furniture ₹20,000 | |
| March 2 | Paid into bank | 20,000 |
| March 3 | Bought goods from Mohan Bros., Lucknow on credit | 7,000 |
| March 4 | Sold goods to Goyal Bros., Kanpur (UP) on credit | 6,000 |
| March 5 | Bought a computer against cheque | 20,000 |
| March 7 | Received from salesman for goods sold by him | 11,800 |
| March 10 | Goyal Bros. gave cheque; deposited in the bank | 7,080 |
| March 11 | Paid to Mohan Bros. by cheque ₹6,700; Discount allowed by him ₹300 | |
| March 13 | Received an order for goods worth ₹5,000 along with advance of ₹1,000 in cash from Mahesh | 1,000 |
| March 15 | Interest received from bank | 400 |
| March 20 | Bank intimates that the cheque of Goyal Bros. is returned dishonoured | |
| March 22 | Paid rent by cheque | 600 |
Note: CGST and SGST is levied @ 9% each on intra-state (within the state) sale and purchase and IGST is levied @ 18% on inter-state (outside the state) sale and purchase.
In the Books of Gupta Bros., Lucknow (UP)
Journal
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| March 1 | Cash A/c Dr. Stock A/c Dr. Furniture A/c Dr. To Capital A/c (Being the business started with cash, stock and furniture) | 30,000 15,000 20,000 | 65,000 | |
| March 2 | Bank A/c Dr. To Cash A/c (Being the cash paid in bank) | 20,000 | 20,000 | |
| March 3 | Purchases A/c Dr. Input CGST A/c Dr. Input SGST A/c Dr. To Mohan Bros. A/c (Being the goods purchased from Mohan Bros., Lucknow; CGST and SGST @ 9% each payable) | 7,000 630 630 | 8,260 | |
| March 4 | Goyal Bros. A/c Dr. To Sales A/c To Output CGST A/c To Output SGST A/c (Being the goods sold to Goyal Bros., Kanpur; CGST and SGST @ 9% each charged) | 7,080 | 6,000 540 540 | |
| March 5 | Computer A/c Dr. Input CGST A/c Dr. Input SGST A/c Dr. To Bank A/c (Being the computer purchased; CGST and SGST @ 9% each paid) | 20,000 1,800 1,800 | 23,600 | |
| March 7 | Cash A/c Dr. To Sales A/c To Output CGST A/c To Output SGST A/c (Being the cash received from salesman for goods sold by him) | 11,800 | 10,000 900 900 | |
| March 10 | Bank A/c Dr. To Goyal Bros. A/c (Goyal Bros. gave cheque; deposited in the bank) | 7,080 | 7,080 | |
| March 11 | Mohan Bros. A/c Dr. To Bank A/c To Discount Received A/c (Being paid to Mohan Bros. by cheque; Discount allowed by him) | 7,000 | 6,700 300 | |
| March 13 | Cash A/c Dr. To Mahesh A/c (Being advance of ₹1,000 received in cash from Mahesh against order of ₹5,000) | 1,000 | 1,000 | |
| March 15 | Bank A/c Dr. To Bank Interest A/c (Being Interest received from bank) | 400 | 400 | |
| March 20 | Goyal Bros. A/c Dr. To Bank A/c (Being the cheque of Goyal Bros. is returned dishonoured) | 7,080 | 7,080 | |
| March 22 | Rent A/c Dr. To Bank A/c (Being rent paid by cheque) | 600 | 600 |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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