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Question 10 Chapter 5 – Unimax Publications of Class 11
10. Journalise the following transactions in the books of Varun, Delhi:
(i) He started business contributing Rs. 10,000 in cash, Rs. 5,00,000 in cheque and a building Valued at Rs. 5,00,000.
(ii) Purchased goods from Mohan Jaipur for Rs. 2,00,000 out of which cheque was issued for Rs. 60,000.
(iii) Sold goods on credit to Ravinder, Delhi for Rs. 1,60,000.
(iv) Received Rs. 1,75,700 by cheque from Ravinder in full settlement of his account.
(v) Paid Rs. 1,62,000 to Mohan in full settlement of amount due to him.
(vi)A new machine of Rs. 2,40,000 was purchased from Machine Tools Ltd., Ludhiana in Exchange of an old machine valued at Rs. 50,000. He gave a cheque of Rs. 1,00,000 from his Savings account and balance from firm’s account.
(vii) Purchased machinery from Mohan & Sons, Delhi for Rs. 50,000 on credit.
(viii) Depreciation of Rs. 5,000 was provided on machinery at the end of the year.
(ix) Varun issued a cheque for Rs. 50,000 from his savings account in firm’s name.
(x) Paid Rs. 5,000 as income tax.
(xi) A cheque amounting to Rs. 50,000 deposited in the bank from his savings account returned Dishonoured for technical reasons. CGST and SGST @ 6% each is to be levied on intra-state (within the state purchase and sale) While IGST is to be levied@12% on inter-state transactions.
IN THE BOOKS OF MR. VARUN JOURNAL
| Date | Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| (i) | Cash A/c | Dr. | 10,000 | ||
| Bank A/c | Dr. | 5,00,000 | |||
| Building A/c | Dr. | 5,00,000 | |||
| To Capital A/c | 10,10,000 | ||||
| (Being the business started with cash 10,000, cheque 5,00,000 and building of 5,00,000) | |||||
| (ii) | Purchases A/c | Dr. | 2,00,000 | ||
| Input IGST A/c | Dr. | 24,000 | |||
| To Bank A/c | 60,000 | ||||
| To Mohan A/c | 1,64,000 | ||||
| (Being the goods purchased from Mohan Jaipur paying GST 12%, issued cheque for 60,000) | |||||
| (iii) | Ravinder A/c | Dr. | 1,79,200 | ||
| To Sales A/c | 1,60,000 | ||||
| To Output IGST A/c | 9,600 | ||||
| To Output SGST A/c | 9,600 | ||||
| (Being the intra-state sale of goods to Ravinder, Delhi on Credit for 1,60,000, charging CGST and SGST 6% 1,75,700 Each) | |||||
| (iv) | Bank A/c | Dr. | 1,75,700 | ||
| Discount Allowed A/c | Dr. | 3,500 | |||
| To Ravinder A/c | 1,79,200 | ||||
| (Being the cheque received from Ravinder and allowed him Discount of 3,500) | |||||
| (v) | Mohan A/c | Dr. | 1,64,000 | ||
| To Bank A/c | 1,62,000 | ||||
| To Discount Received A/c | 2,000 | ||||
| (Being 1,62,000 paid to Mohan in full settlement of his dues And discount received) | |||||
| (vi) | Machinery A/c (New) | Dr. | 2,40,000 | ||
| Input IGST A/c | Dr. | 28,800 | |||
| To Machine Tools A/c | 2,68,800 | ||||
| (Being a new machine purchased, paying IGST 12%) | |||||
| Machine Tools A/c | Dr. | 2,68,800 | |||
| To Machinery A/c | 50,000 | ||||
| To Output CGST A/c | 6,000 | ||||
| To Capital A/c | 1,00,000 | ||||
| To Bank A/c | 1,12,800 | ||||
| (Being an old machine given in settlement charging IGST 12%, a cheque of 1,00,000 from savings account and Balance from Firms account) | |||||
| (vii) | Machinery A/c | Dr. | 50,000 | ||
| Input CGST A/c | Dr. | 3,000 | |||
| Input SGST A/c | Dr. | 3,000 | |||
| To Mohan & Sons A/c | 56,000 | ||||
| (Being the purchase of machinery on credit from Mohan & Sons) | |||||
| (viii) | Depreciation A/c | Dr. | 5,000 | ||
| To Machinery A/c | 5,000 | ||||
| (Being the depreciation charged on machinery for the year) | |||||
| (ix) | Bank A/c | Dr. | 50,000 | ||
| To Capital A/c | 50,000 | ||||
| (Being the cheque from proprietor’s savings account) | |||||
| (x) | Drawings A/c | Dr. | 5,000 | ||
| To Cash A/c | 5,000 | ||||
| (Being the income tax paid) | |||||
| (xi) | Capital A/c | Dr. | 50,000 | ||
| To Bank A/c | 50,000 | ||||
| (Being the cheque deposited into bank dishonoured) | |||||
Note: An old machine given in exchange means sale of an old machine. Therefore, IGST is charged, it being inter-state sale.
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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