Question No 04 Chapter No 6 - USHA Publication 11 Class

Question No 04 Chapter No 6

04. Journalise the following transaction in the book of Javed Miandad, assuming all Transaction has occurred the state of J&K, charging CGST 9% and SGST 9%

2019
Mar.1	Started business with cash Rs 3,00,000 and bank balance Rs 1,00,000
Mar. 4	Purchased goods of the list price Rs 2,00,000 from Zahia Khan less 20% trade discount and 5%cash discount and 30% paid by cheque
Mar. 7	Received from Racchpal Singh Rs 28,500 by cheque after deducting 5% cash discount and 5% cash discount and received 40% by cheque
Mar. 10	Sold goods costing Rs 1,00,000 at a profit of 20% on sale less 10% trade discount and 5% cash discount and received 40% by cheque
Mar. 12	Ravi Kant who owed Rs 50,000 has become bankrupt and 60% could be recovered from his estate
Mar. 16	Deposited into bank Rs 20,000 office cash and 30,000 personal cash
Mar. 20	Rent paid by cheque for office Rs 24,000 and for the residence of proprietor Rs 16,000
Mar. 24	Received cheque for a bad debt written off last year Rs 18,000
Mar.27	Paid Rs 47,200 for the purchase of goods including GST

 

The solution of Question No 04 Chapter No 6: -

 

In the Books of Javed Miandad

Date	Particulars		L.F.	Debit	Credit
2019
Mar. 1	Cash A/c	Dr.		3,00,000
	Bank A/c	Dr.		1,00,000
	To Capital A/c				4,00,000
	(Being started business with cash and bank balance. )
Mar. 4	Purchases A/c	Dr.		1,60,000
	Input CGST A/c	Dr.		14,400
	Input SGST A/c	Dr.		14,400
	To Bank A/c				53,808
	To Zahir Khan A/c				1,32,160
	To Discount Received A/c				2,832
	(Being goods bought from Zahir Khan less 20% trade Discount and cash discount of 5% plus 9% CGST and SGST. )
Mar. 7	Bank A/c	Dr.		28,500
	Discount allowed A/c	Dr.		1,500
	To Racchpal A/c				30,000
	(Being cheque received from Racchpal Singh after deducting 55 Cash discount. )
Mar. 10	Bank A/c	Dr.		50,445
	Creditor A/c	Dr.		79,650
	Discount Allowed A/c	Dr.		2,655
	To Sale A/c				1,12,500
	To Output CGST A/c				10,125
	To Output SGST A/c				10,125
	(Being goods sold to creditor less 10% trade discount and 5% cash Discount and 40% received by cheque plus 9% CGST and SGST)
Mar. 12	Bank A/c	Dr.		30,000
	Bad debts A/c	Dr.		20,000
	To Kavi Kant A/c				50,000
	(Being Ravi become bankrupt only 60% cloud be recovered. )
Mar. 16	Bank A/c	Dr.		50,000
	To Cash A/c				20,000
	To Capital A/c				30,000
	(Being cash deposited into bank by the office and by proprietor )
Mar. 20	Rent A/c	Dr.		20,000
	Input CGST A/c	Dr.		1,800
	Input SGST A/c	Dr.		1,800
	To Bank A/c				23,600
	(Being rent paid by cheque plus 9% CGST and SGST. )
Mar. 20	Drawing A/c	Dr.		16,000
	To Bank A/c				16,000
	(Being rent to proprietor house paid  )
Mar. 24	Bank A/c	Dr.		18,000
	To Bad debts recovered A/c				18,000
	(Being bad debts recovered. )
Mar. 27	Purchases A/c	Dr.		40,000
	Input CGST A/c	Dr.		3,600
	Input SGST A/c	Dr.		3,600
	To Cash A/c				47,200
	(Being purchased goods including 9% CGST and SGST. )

 

 

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Also, Check out the solved question of all Chapters: –

Usha Publication - Elements of Book-Keeping PSEB (Class 11) - Solution

Chapter No. 1 - Introduction

Chapter No. 2 - Theory Base of Accounting 

Chapter No. 3 - Origin of Transactions

Chapter No. 4 - Vouchers and transactions

Chapter No. 5 - Journal

Chapter No. 6 - Accounting for Goods and Services Tax(GST)

Chapter No. 7 - Ledger

Chapter No. 8 - Cash Book

Chapter No. 9 - Other Subsidiary Books

Chapter No. 10 - Journal Proper

Chapter No. 11 - Trial Balance

Chapter No. 12 - Bank Reconciliation Statement

Chapter No. 13 - Depreciation

Chapter No. 14 - Provisions and Reserves 

Chapter No. 15 - Bills of Exchange

Chapter No. 16 - Rectification of Errors 

Chapter No. 17 - Financial Statements - (Without Adjustments)

Chapter No. 18 - Financial Statements - (With Adjustments)