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Question No 45 Chapter No 18 - USHA Publication 11 Class

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Question No 45 Chapter No 18

Goods are withdrawn for business and personal use

45. The following is the trial of Chris Gayle as at 31st March 2018:

Ledger Accounts	Dr.	Ledger Accounts	Cr
Input IGST	16,000	Capital	80,000
Input CGST	8,000	Return Outward	7,000
Input SGST	8,000	Creditor	15,000
Purchases	4,16,000	Sales	5,25,000
Debtors	50,000	Bank overdraft	17,000
Sale return	6,000	Output IGST	9,000
Opening Stock	18,000	Provision for Bad debts	4,000
Cash in hand	30,000	Commission Received	18,000
Investment	18,500	Output CGST	2,000
Furniture	30,000	Output SGST	2,000
Machinery	65,000
Salaries	20,000
Carriage inwards	3,000
Bad debts	4,500
Lighting	3,500
Insurance Premium	6,000
Royalty on Production	1,000
	6,79,000		6,79,000

Prepare Trading and Profit & loss account for the year ending 31st March 2018 and balance sheet as at that date after considering the following adjustments:
(i)Stock on 31st March 2018 (cost Rs 45,000 ; Market Price Rs 45,000)
(ii)Goods returned by customer not recorded in sale return book (sale value Rs 8,000 plus 6% CGST and 6% SGST
(iii)Create Provision for bad debts @5% on debtors
(iv)Insurance premium includes premium paid for a year Rs 2,000 on a policy expiring on 30th June 2018
(v)Goods were stolen from the costing Rs 12,000( originally purchased at 6% CGST and SGST 6% ). The insurance company admitted a claim for Rs 12,500

The solution of Question No 45 Chapter No 18:-

Trading A/c

Particular		Amount	Particular		Amount
To Opening stock A/c		18,000	By Sale A/c	5,25,000
To Purchases A/c	4,16,000		Less: return	14,000	5,11,000
Less: Return	7,000
Less: Goods Stolen	12,000	3,97,000	By Closing Stock A/c		42,000
To Carriage Inward A/c		3,000
To Royalty on Production A/c		1,000
To Gross Profit A/c		1,34,000
		5,56,000			5,56,000

Profit/Loss A/c

Particular		Amount	Particular	Amount
To salaries		20,000	By Gross Profit A/c	1,34,000
To Lighting		3,500	By Commission received A/c	18,000
To Insurance premium	6,000
Less: Advance Insurance	500	5,500
To bad debts w/off	4,500
Add: new provision	2,052
Less: Old provision	4,000	2,552
To Loss on goods stolen		940
To Net profit A/c		1,19,508
		1,52,000		1,52,000

Balance Sheet

Labilities		Amount	Assets		Amount
Capital A/c	80,000		Debtors	50,000
Add: Net Profit	1,19,508	1,99,508	Less: Sale return	8,960
Creditor		15,000	Less: provision	2,052	38,988
Bank loan		17,000	Cash at hand		5,500
			Investment		18,500
			Furniture		30,000
			Machinery		65,000
			CGST Recoverable		5,760
			SGST Recoverable		5,760
			IGST Recoverable		7,000
			Closing Stock		42,000
			Prepaid insurance		500
			Insurance Company(claim)		12,500
		2,31,508			2,31,508

Working Note:-
Calculation of GST

Output CGST on 31st March 2018	=	2,000
Less: CGST on goods return	=	(480)
	=	1,520

Output SGST on 31st March 2018	=	2,000
Less: CGST on goods return	=	(480)
	=	1,520

Input CGST on 31st March 2018	=	8,000
Less: CGST on goods stolen	=	(720)
		7,280

Input SGST on 31st March 2018	=	8,000
Less: CGST on goods stolen	=	(720)
	=	7,280

Output CGST	=	1,520
Less: Input CGST	=	7,280
CGST payable	=	5,760

Output SGST	=	1,520
Less: Input SGST	=	7,280
SGST payable	=	5,760

Output IGST	=	9,000
Less: Input IGST	=	16,000
IGST Recoverable	=	7,000