Question No. 23 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 23 Chapter No 8

Pass journal entry for purchase of goods by Amrit, Delhi from Ayur Products, Agra,(UP) for Rs 25,000 less trade discount@15% plus IGST @ 12%.

Solution of Question No 23 Chapter No 8: – 

Gross Purchase Price = 25,000/-

Trade Discount = Purchase Price * % of discount
= 25,000 * 15%
= 3,750/-

Net Purchase Price = Gross Purchase Price – Discount
= 25,000 – 3,750
= 21,250/-

Amount of IGST = Net Purchase Price * % of CGST
= 21,250* 12%
= 2,550/-

Invoice Value = Net Purchase Price + CGST + SGST
= 21,250+ 2,550
= 23,800/-

In the Books of Amrit, Delhi

Date  Particulars
L.F.DebitCredit
 Purchase A/cDr. 21,250 
 Input IGST A/cDr. 2,550 
            To Ayur Products, Agra,(UP) A/c  23,800
 (Being goods purchased from Ayur Products, Agra,(UP) )   
     

Explanation of All Transactions with images: –

This is not a part of the solution, So you don’t have to write it in the exam. So, why we explained if it is not needed. Because This explanation will help you to understand all transactions with logic and you don’t need to remember all the transactions but just understand and remember the logic use behind them.

Transaction No. 1

Transaction No. 1 Question No.23 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 23 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 1 Question No.23 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happens in the transactionRule appliedAccording to Rule It will be
Purchase (Goods)  Assets  Real Account  Goods received by businessGoods come in Debit
CGST Input A/c ExpensesNominal AccountA tax collected from the buyer All Expenses and lossesDebit 
SGST Input A/c ExpensesNominal AccountA tax collected from the buyer All Expenses and lossesDebit 
Ayur Products, Agra,(UP) Person  Personal Account Goods givenHe is  GiverCredit
 

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T.S. Grewal’s Double Entry Book Keeping

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