Question No 04 Chapter No 6 – USHA Publication 11 Class

Question No 04 Chapter No 6

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 Mamta 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     47,600
  (Being purchased goods including 9% CGST and SGST. )      
         

 

 

What is Accounting Equation | Example

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

 

 

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