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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 3 Chapter 5 – Unimax Publications of Class 11
3.Pass the Journal entries for the following transactions
(i) Purchased goods from Sanjiv of Rs.40,000 plus IGST@12% at 10% Trade Discount Cash Discount. Paid amount at the time of purchase itself.
(ii) Purchased goods from Vijay Rs.40,000 plus IGST @ 12% at 10% Trade Discount and Cash Discount. Half of the amount paid at the time of purchase.
(iii) Sold goods to Anil for Rs. 20,000 plus CGST and SGST @6% each, allowed him 10% T ddiscount and 3% Cash Discount. Received half of the amount by cash and balance Cheque within agreed time.
(iv) Sold goods to Ajay for Rs.50,000 plus CGST and SGST @ 6% each at 10% Trade Discount and 2% Cash discount. Half of the amount received by cheque within specified time.
(v) Sold goods costing Rs. 40,000 to Anil against a current dated cheque at a profit of 25% cost less 20% trade discount plus IGST12%. Cash discount is allowed@2%.
JOURNAL
| Date | Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| (i) | Purchases A/c | Dr. | 36,000 | ||
| Input IGST A/c | Dr. | 4,320 | |||
| To Cash/Bank A/c | 39,514 | ||||
| To Discount Received A/c [2%( 36,000+ 4,320)] | 806 | ||||
| (Being the goods purchased, paid IGST12% at 10% Trade Discount and 2% Cash Discount) | |||||
| (ii) | Purchases A/c | Dr. | 36,000 | ||
| Input IGST A/c | Dr. | 4,320 | |||
| To Vijay A/c | 20,160 | ||||
| To Cash/Bank A/c | 19,555 | ||||
| To Discount Received A/c [2%( 36,000+ 4,320)] | 605 | ||||
| (Being the goods purchased, paid IGST @ 12% at 10% 605 Trade Discount and 3% Cash Discount, half of the amount Paid) | |||||
| iii | Cash A/c | Dr. | 9,778 | ||
| Bank A/c | Dr. | 9,777 | |||
| Discount Allowed A/c | Dr. | 605 | |||
| To Sales A/c | 18,000 | ||||
| To Output CGST A/c | 1,080 | ||||
| To Output SGST A/c | 1,080 | ||||
| (Being the goods sold, charged CGST and SGST 6% 1,080 Each. Half the amount received in cash and balance by Cheque, allowed Trade Discount10% and Cash Discount 3%) | |||||
| (iv) | Ajay A/c | Dr. | 25,200 | ||
| Bank A/c | Dr. | 24,696 | |||
| Discount Allowed A/c | Dr. | 504 | |||
| To Sales A/c | 45,000 | ||||
| To Output CGST A/c | 2,700 | ||||
| To Output SGST A/c | 2,700 | ||||
| (Being the goods sold, charged CGST and SGST 6% Each. Allowed Trade Discount 10% and Cash Discount 2%. Half the amount received) | |||||
| (v) | Bank A/c | Dr. | 43,904 | ||
| Discount Allowed A/c | Dr. | 896 | |||
| To Sales A/c | 40,000 | ||||
| To Output IGST A/c | 4,800 | ||||
| (Being the goods sold by cheque, charging IGST 12%) | |||||
Working Notes:
Calculation of Trade Discount and Cash Discount
| (i) | Cost | 40,000 | |
| Less: Trade Discount 10% | 4,000 | ||
| 36,000 | |||
| Add: 1GST 12% | 4,320 | ||
| Invoice Price | 40,320 | ||
| Less: Cash Discount 2% | 806 | ||
| 39,514 | |||
| (ii) | Cost | 40,000 | |
| Less: Trade Discount 10% | 4,000 | ||
| 36,000 | |||
| Add: 1GST 12% | 4,320 | ||
| 40,320 | |||
| Credit Transaction | 20,160 | ||
| Cash Transaction | 20,160 | ||
| Less: Cash Discount 3% | 605 | ||
| 19,555 | |||
| (iii) | Sale Value (Gross) | 20,000 | |
| Less: Trade Discount 10% | 2,000 | ||
| 18,000 | |||
| Add: CGST 6 % | 1,080 | ||
| SGST 6% | 1,080 | ||
| 20,160 | |||
| By cheque | 10,800 | 10,080 | |
| Less: Cash Discount 2% | 303 | 302 | |
| 9,777 | 9,778 | ||
| (iv) | Sale Value (Gross) | 50,000 | |
| Less: Trade Discount 10% | 5,000 | ||
| 45,000 | |||
| Add: CGST 6 % | 2,700 | ||
| SGST 6% | 2,700 | ||
| Cash transaction | 50,400 | ||
| Less: Cash Discount 2% | 25,200 | ||
| Credit transaction | 504 | ||
| 24,696 | |||
| (v) | Cost | 40,000 | |
| Add: Profit 25% on Cost | 10,000 | ||
| 50,000 | |||
| Less: Trade Discount 20% | 10,000 | ||
| Invoice Price | 40,000 | ||
| Add: IGST@ 12% | 4,800 | ||
| Total Invoice Value | 44,800 | ||
| Less: Cash Discount 2% | 896 | ||
| Net Amount Received | 43,904 |
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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