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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 Mohan, Delhi:
Note: CGST and SGST are levied @ 6% each on intra-state (within state) transactions and IGST @ 12% on inter-state (outside state) transactions.
| No. | Transaction |
|---|---|
| (i) | Raj, who owed ₹25,000, became insolvent and paid 60 paise per rupee in final settlement. Write off the balance as bad debt. |
| (ii) | Rent for the month ₹10,000 is outstanding. CGST and SGST @ 6% each applicable. |
| (iii) | Charged depreciation on furniture worth ₹50,000 @ 10% per annum. |
| (iv) | Salaries payable (outstanding) ₹20,000. |
| (v) | Sold goods for cash at list price ₹10,000; less trade discount 10%; add CGST and SGST @ 6% each; allowed cash discount ₹500. |
| (vi) | Charged interest on capital ₹10,000. |
| (vii) | Goods costing ₹5,000 stolen by an employee. (These goods were purchased from an inter-state supplier paying IGST @ 12%.) |
In the Books of Mohan, Delhi
Journal
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| (i) | Cash A/c Dr. Bad Debts A/c Dr. To Raj's A/c (Being ₹15,000 received at 60 paise per rupee from Raj on ₹25,000; balance ₹10,000 written off as bad debt) | 15,000 10,000 | 25,000 | |
| (ii) | Rent A/c Dr. Input CGST A/c Dr. Input SGST A/c Dr. To Outstanding Rent A/c (Being rent for the month outstanding; CGST & SGST @ 6% each) | 10,000 600 600 | 11,200 | |
| (iii) | Depreciation A/c Dr. To Furniture A/c (Being depreciation charged on furniture ₹50,000 @ 10%) | 5,000 | 5,000 | |
| (iv) | Salaries A/c Dr. To Outstanding Salaries A/c (Being salaries payable recorded as outstanding) | 20,000 | 20,000 | |
| (v) | Cash A/c Dr. Discount Allowed A/c Dr. To Sales A/c To Output CGST A/c To Output SGST A/c (Being goods sold for cash; list price ₹10,000, TD 10%, CD ₹500, CGST & SGST @ 6% each) [W.N.] | 9,520 500 | 9,000 510 510 | |
| (vi) | Interest on Capital A/c Dr. To Capital A/c (Being interest on capital charged) | 10,000 | 10,000 | |
| (vii) | Loss of Stock by Theft A/c Dr. To Purchases A/c To Input IGST A/c (Being goods costing ₹5,000 stolen by employee; IGST @ 12% reversed) | 5,600 | 5,000 600 |
W.N. – Transaction (i):
| Amount Due from Raj | 25,000 |
| Cash Received @ 60 paise per ₹ | 15,000 |
| Bad Debt Written Off | 10,000 |
W.N. – Transaction (ii):
| Rent Outstanding | 10,000 |
| Add: CGST @ 6% | 600 |
| Add: SGST @ 6% | 600 |
| Outstanding Rent A/c | 11,200 |
W.N. – Transaction (v):
| List Price | 10,000 |
| Less: Trade Discount @ 10% | (1,000) |
| Net Amount (Sales) | 9,000 |
| Less: Cash Discount | (500) |
| Taxable Value (GST basis) | 8,500 |
| Add: Output CGST @ 6% | 510 |
| Add: Output SGST @ 6% | 510 |
| Cash Received | 9,520 |
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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