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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 34 Chapter No 8
Journalise the following transactions in the books of Manoj Store:
| (i) | Purchase goods from Ramesh Rs. 20,000 less Trade Discount at 20% plus IGST @12% |
| (ii) | Sold goods costing Rs 7,000 to Krishna for Rs 9,000 plus IGST @ 12%. |
| (iii) | Sold goods for Rs 10,000 and charged IGST @ 12% against cheque. |
| (iv) | Rs 5,000 were deposited into Savings Account. |
| (v) | Machinery costing Rs 4,00,000 for which order was placed earlier paying advance of Rs 40,000. The balance payment was paid as follows: |
| (a) An old machine (personal) valued at Rs 30,000 was given in exchange: | |
| (b) Issued a cheque from his savings account for Rs 1,30,000 and | |
| (c) Balance by issue of cheque from firm’s bank account. | |
| (vi) | Paid in cash wages Rs, 2,500 for installation of machine. |
In the Books of Manoj Store:
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| (i) | Purchase A/c | Dr. | 16,000 | ||
| Input IGST A/c | Dr. | 1,920 | |||
| To Ramesh’s A/c | 17,920 | ||||
| (Being goods purchase from Ramesh ) | |||||
| (ii) | Krishna A/c | Dr. | 10,080 | ||
| To Capital A/c | 9,000 | ||||
| To Output IGST A/c | 1,080 | ||||
| (Being goods sold to the Krishna) | |||||
| (iii) | Bank A/c | Dr. | 11,200 | ||
| To Sales A/c | 10,000 | ||||
| To Output IGST A/c | 1,200 | ||||
| (Being goods sold to the Krishna) | |||||
| (vi) | Bank A/c | Dr. | 5,000 | ||
| To Cash A/c | 5,000 | ||||
| (Being cash deposited into Saving Account.) | |||||
| (v) | Machine A/c | Dr. | 4,00,000 | ||
| To Advance (Supplier’s) A/c | 40,000 | ||||
| To Capital A/c | 1,60,000 | ||||
| To Bank A/c | 2,00,000 | ||||
| (Being Machine Purchased by owner investing further capital.) | |||||
| (vi) | Machine A/c | Dr. | 2,500 | ||
| To Cash A/c | 2,500 | ||||
| (Being Wage paid for installation of machine.) | |||||
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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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