Question No. 31 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 31 Chapter No 8

Pass Journal entries in the books of Puneet, Delhi for the following:

(i)Received an order from Karan & Co. for the supply of goods of Rs 50,000.
(ii)Received an order from AK & Co. for goods of Rs 1,00,000 along with a cheque for Rs 25,000 as advance.
(iii)Paid to staff Rs 40,000 against the outstanding salary of Rs 60,000.
(iv)Sold goods to Bharat, Kaithal (Haryana) of Rs 10,000 plus IGST @ 12% out of which 1/5th were returned being defective.
(v)Cheque of Rs 20,000 issued by Feroz was dishonoured.
(vi)Received 40 paise in a rupee from Feroz was dishonoured.
(vii)Goods lost in theft – Rs 5,000 which were purchase paying IGST @ 12% from Alwar, Rajasthan.
(viii)Purchased goods from Barun of Chandigarh of Rs 10,000 plus IGST @ 12% and sold them to Arun of Shimla (HP) at Rs 22,400, including IGST @ 12%.
(ix)Arun returned goods of Rs 6,720, including IGST which were returned to Barun. 
(x)ABC & Co. purchased 10 TV sets @ Rs 20,000 per set and paid IGST @ 12%. It sold all the sets @ 25,000 per set plus CGST and SGST @ 6% each. 
(xi)Paid insurance of Rs 12,000 plus CGST and SGST @ 6% each for a period of one year.
(xii)Sold personal car for Rs 1,00,000 and invested the amount in the firm. 
(xiii)Goods costing Rs. 1,00,000 were destroyed in a fire. Insurance company admitted the claim for Rs 75,000. These goods were purchased within Delhi.
(xiv)Purchased machinery for Rs 56,000 including IGST of Rs 6,000 and paid cartage thereon Rs 5,000 and installation charges Rs 10,000.
(xv)Goods costing Rs 40,000 sold to Mr X at a profit of 20% on sales less 10% trade discount plus CGST and SGST @ 6% each and received a cheque under 2% cash discount. 
(xvi)Purchased machinery from New Machinery House for Rs 50,000 and paid it by means of a bank draft purchased from the bank. Paid bank charges Rs 500.

The solution of Question No 31 Chapter No 8: – 

In the Books of Puneet, Delhi

Date  Particulars
(i)No Entry – Because there is no financial transaction till.   
(ii)Bank A/cDr. 25,000 
           To Ak & Co. A/c   25,000
 (Being advance received against the purchase order.)   
(iii)Outstanding Salary  A/cDr. 40,000 
            To Cash A/c  40,000
 (Being outstanding salary paid.)   
(iv)Bharat, Kaithal (Haryana) A/cDr. 11,200 
            To Sales A/c  10,000
            To Output IGST A/c  1,200
 (Being Goods sold to Bharat, Kaithal (Haryana))   
 Sales A/cDr. 2,000 
 Output IGST A/cDr. 240 
            To Sales A/c  2,240
 (Being 1/5th Goods returned by Bharat, Kaithal being defective.)   
(v)Feroz’s A/cDr. 20,000 
            To Bank A/c  20,000
 (Being cheque dishonoured.)   
(vi)Cash A/cDr. 8,000 
 Bad Debts A/cDr. 12,000 
            To Feroz’s A/c  20,000
 (Being only 40 paise in rupees received from Feroz. In full settlement)   
(vii)Goods lost by Theft A/cDr. 5,600 
 To Purchase A/c  5,000
 To Input IGST A/c  600
 (Being goods lost by theft. )   
(viii)Purchase A/cDr. 10,000 
 Input IGST A/cDr. 1,200 
            To Barun, Chandigarh A/c  11,200
 (Being purchased goods from Barun, Chandigarh)   
 Arun, Shimla(HP) A/cDr. 22,400 
            To Sales A/c  20,000
            To Output IGST A/c  2,400
 (Being goods sold to Arun)   
(ix)Sale Returned A/cDr. 6,000 
 Output IGST A/cDr. 720 
            To Arun, Shimla(HP) A/c  6,720
 (Being goods returned by Arun)   
 Barun, Chandigarh A/cDr. 3,360 
            To Purchase Returned A/c  3,000
            To Input IGST A/c  360
 (Being goods returned to Barun)   
(x)Purchase A/cDr. 2,00,000 
 Input IGST A/cDr. 24,000 
            To ABC & Co. A/c  2,24,000
 (Being purchased TV sets @ 20,000 per set from ABC & CO. )   
 Cash A/cDr. 2,80,000 
            To Sales A/c  2,50,000
            To Output IGST A/c  15,000
            To Output IGST A/c  15,000
 (Being goods sold for cash within the Delhi)   
(xi)Insurance A/cDr. 12,000 
 Input CGST A/cDr. 720 
 Input SGST A/c 720 
            To Cash A/c  13,440
 (Being paid for insurance.)   
(xii)Cash A/cDr. 1,00,000 
            To Capital A/c  1,00,000
 (Being Owner invests further cash into the business.)   
(xiii)Loss by fire A/cDr. 37,000 
 Insurance Co. (Claim) A/cDr. 75,000 
            To Purchase A/c  1,00,000
            To Input IGST A/c  6,000
            To Input IGST A/c  6,000
 (Being goods destroyed by fire.)   
(xiv)Machinery A/cDr. 65,000 
 Input IGST A/cDr. 6,000 
            To Cash A/c  71,000
 (Being Machinery purchased)   
(xv)Bank A/cDr. 47,416 
 Discount Allowed A/cDr. 968 
            To Sales A/c  43,200
            To Output IGST A/c  2,592
            To Output IGST A/c  2,592
 (Being Goods sold to Mr X in cash.)   
(xvi)Machinery A/cDr. 50,500 
            To Bank A/c  50,500
 (Being Machinery purchased)   

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