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Question No 19 Chapter No 4 - USHA Publication 11 Class

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Focus Topic:Question No 19 Chapter No 4 - USHA Publication 11 Class

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Question No 19 Chapter No 4

19. From the effect of the following transaction of Sumitra, prepare the accounting equation:

(i)	Commenced business with bank balance Rs 1,50,000.
(ii)	Purchased goods wroth Rs 40,000 plus CGST 6% and SGST 6% from Amina .
(iii)	Purchased goods worth Rs 25,000 from other state plus 12% IGST through cheque.
(iv)	Purchased computer for RS 30,000 plus 9% CGST and SGST 6% paid by cheque.
(v)	Sold goods costing Rs 30,000 for Rs 45,000 plus CGST and SGST 6% against cheque.
(vi)	Paid Rs 15,000 for repairs and maintenance of building plus 9% CGST and SGST.
(vii)	Paid Rs 6,000 for printing plus 9% CGST and SGST.
(viii)	Sold goods costing Rs 20,000 for Rs 16,000 plus 6% CGST and SGST.

The solution of Question No 19 Chapter No 4: -

S. No.	Particulars	Assets
S. No.	Particulars	Bank	+Stock	+Input CGST	+Input SGST	+Input IGST	+computer
i	Commenced business with cash	1,50,000
		1,50,000
ii	Purchased goods on credit plus CGST and SGST 6%		+40,000	+2,400	+2,400
		1,50,000	+40,000	+2,400	+2,400
iii	Purchased goods on cheque plus IGST 12%	-28,000	+25,000			+3,000
		1,22,000	+65,000	+2,400	+2,400	+3,000
iv	Purchased computer plus CGST and SGST 9%	-35,400		+2,700	+2,700		+30,000
		86,600	+65,000	+5,100	+5,100	+3,000	+30,000
v	Sold goods on profit with CGST and SGST6%	+50,400	-30,000
		1,37,000	+35,000	+5,100	+5,100	+3,000	+30,000
vi	Paid repair and maintenance of building	-17,700		+1,350	+1,350
		1,19,300	+35,000	+6,450	+6,450	+3,000	+30,000
vii	Paid for printing plus 9%CGST and SGST	-7,080		+540	+540
		1,12,220	+35,000	+6,990	+6,990	+3,000	+30,000
viii	Sold goods at loss plus CGST and SGST6%	+17,920	-20,000
	Total	1,30,140	+15,000	+6,990	+6,990	+3,000	+30,000

S. No.	Liabilities			Capital
S. No.	Creditor	+Output CGST	+Output SGST	Capital
i	-			1,50,000
	-			1,50,000
ii	44,800			-
	44,800			1,50,000
iii	-			-1,000
	44,800			1,50,000
iv
	44,800			1,50,000
v		+2,700	+2,700	15,000
	44,800	+2,700	+2,700	1,65,000
vi				-15,000
	44,800	+2,700	+2,700	1,50,000
vii				-6,000
	44,800	+2,700	+2,700	1,44,000
viii	44,800	+960	+960	-4,000
	44,800	+3,660	+3,660	1,41,000