Question 11 Chapter 5 – Unimax Publications of Class 11

Q11 - CH-5 Solution

Question 11 Chapter 5 – Unimax

Free Accounting book Solution - Class 11 and Class 12

11. Enter the following transactions in the books of Shriya Traders. Assume CGST @ 9%
May 1 Purchased goods for Rs. 9,00,000 from Abhi at 20% .
May 10 Sold goods Rs. 4,50,000 on cash.
May 20 Paid for advertisement Rs. 45,000 by cheque.
May 22 Sold goods for Rs. 1,50,000 and received a cheque.
May 25 Received commission Rs. 15,000
May 28 Purchased goods Rs. 1,50,000 C.D. @ 20%.
May 31 Payment made of balance amount of GST.

The solution of Question 11 Chapter 5 – Unimax:

JOURNAL OF SHRIYA TRADER

Date Particulars   L.F. Debit Credit
2020          
May 1 Purchases A/c Dr.   7,20,000  
  Input CGST A/c Dr.   64,800  
  Input SGST A/c Dr.   64,800  
  To Abhi A/c       8,49,600
  (Being goods purchased from Abhi) (WNI)        
           
May 10 Cash A/c Dr.   5,31,000  
  To Sales A/c       4,50,000
  To Output CGST A/c       40,500
  To Output SGST A/c       40,500
  (Being goods sold for cash)        
           
May 20 Advertisement A/c Dr.   45,000  
  Input CGST Dr.   4,050  
  Input SGST A/c Dr.   4,050  
  To Bank A/c       53,100
  (Being advertisement paid by cheque)        
           
May 22 Bank A/c Dr.   1,77,000  
  To Bank A/c       1,50,000
  To Output CGST A/c       13,500
  To Output SGST A/c       13,500
  (Being goods sold by cheque)        
           
May 25 Cash A/c Dr.   17,700  
  To Commission A/c       15,000
  To Output CGST A/c       1,350
  To Output SGST A/c       1,350
  (Being commission received)        
           
May 20 Purchases A/c Dr.   1,50,000  
  Input CGST A/c Dr.   13,500  
  Input SGST A/c Dr.   13,500  
  To cash A/c       1,41,600
  To Discount received A/c       35,400
  (Being goods purchased at C.D) (WN II)        
           
May 20 Output CGST A/c Dr.   55,350  
  Output SGST A/c Dr.   55,350  
  To Input CGST A/c       55,350
  To Input SGST A/c       55,350
  (Being G.S.T Adjusted)        

Working Notes:

1. List price of goods purchased 9,00,000
  Less: Trade discount @20% 1,80,000
    7,20,000
  Add: CGST@ 9% 64,800
  SGST@9% 64,800
    8,49,600
     
2. List price of goods purchased 1,50,000
  Add: CGST@ 9% 13,500
  SGST@9% 13,500
    1,77,000
  Less: Cash discount@ 20% 35,400
    1,41,600
     
3. Total Input CGST = Rs. 64,800+74,050 + 13,500 = Rs. 82,350  
  Total Input SGST = Rs. 64,800+ 4,050+ 13,500 = Rs. 82,350  
  Total Output CGST = Rs. 40,500 + 13,500 + 1,350 = Rs. 55,350  
  Total Output SGST = Rs. 40,500 + 13,500 + 1,3350 = Rs. 55,350  

Note: Since Input GST is more than Output GST, there is no tax liability to be paid to the Government. Excess of Input GST is called Input Tax credit. It will be carried forward and will be adjusted in the next year.

This is all about the Question 11 Chapter 5 – Unimax. You can check out the following article to better understand:

Opening Journal Entry – its Rules and Examples 

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You can also Check out the solved question of other Chapters: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

  • Chapter No. 1 – Introduction of Accounting
  • Chapter No. 2 – Theory Base of Accounting
  • Chapter No. 3 – Vouchers and Transactions
  • Chapter No. 4 – Journal
  • Chapter No. 5 – Goods and Services Tax (GST) : An Introduction
  • Chapter No. 6 – Ledger
  • Chapter No. 7 – Special Purpose Book – Cash Book
  • Chapter No. 8 – Other Subsidiary Books
  • Chapter No. 9 – Trial Balance
  • Chapter No. 10 – Rectification of Errors
  • Chapter No. 11 – Depreciation
  • Chapter No. 12 – Provision and Reserves
  • Chapter No. 13 – Bank Reconlciliation Statement
  • Chapter No. 14 – Bills of Exchange

Students may Choose only one part from the Part II and Part III

Part-II

  • Chapter No. 15 – Financial Statements (Without Adjustments)
  • Chapter No. 16 – Financial Statements (With Adjustments)
  • Chapter No. 17 – Accounts from Incomplete Records – Single Entry System

Part-III

  • Chapter No. 18 – Introduction to Compurters and Accounting information System
  • Chapter No. 19 – Computerised Accounting
  • Chapter No. 20 – Accounting Software : Tally
  • Chapter No. 21 – Data Base System
  • Chapter No. 22 – Concept of Entity and Relationship

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