Question No 34 Chapter No 8 – T.S. Grewal 11 Class

Question No. 34 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 34 Chapter No 8

Journalise the following transactions in the books of Manoj Store:

(i) Purchase goods from Ramesh Rs. 20,000 less Trade Discount at 20% plus IGST @12%
(ii) Sold goods costing Rs 7,000 to Krishna for Rs 9,000 plus IGST @ 12%.
(iii) Sold goods for Rs 10,000 and charged IGST @ 12% against cheque.
(iv) Rs 5,000 were deposited into Savings Account.
(v) Machinery costing Rs 4,00,000 for which order was placed earlier paying advance of Rs 40,000. The balance payment was paid as follows:
  (a) An old machine (personal) valued at Rs 30,000 was given in exchange:
  (b) Issued a cheque from his savings account for Rs 1,30,000 and 
  (c) Balance by issue of cheque from firm’s bank account.
(vi) Paid in cash wages Rs, 2,500 for installation of machine. 

Solution of Question No 34 Chapter No 8: – 

In the Books of Manoj Store:

Date   Particulars
L.F. Debit Credit
           
(i) Purchase A/c Dr.   16,000  
  Input IGST A/c Dr.   1,920  
            To Ramesh’s A/c       17,920
  (Being goods purchase from Ramesh )      
         
(ii) Krishna A/c Dr.   10,080  
            To Capital A/c       9,000
            To Output IGST A/c       1,080
  (Being goods sold to the Krishna)      
           
(iii) Bank A/c Dr.   11,200  
             To Sales A/c       10,000
             To Output IGST A/c     1,200
  (Being goods sold to the Krishna)      
         
(vi) Bank A/c Dr.   5,000  
             To Cash A/c     5,000
  (Being cash deposited into Saving Account.)      
         
(v) Machine A/c Dr.   4,00,000  
              To Advance (Supplier’s) A/c     40,000
              To Capital A/c     1,60,000
              To Bank A/c     2,00,000
  (Being Machine Purchased by owner investing further capital.)      
         
(vi) Machine A/c Dr.   2,500  
             To Cash A/c     2,500
  (Being Wage paid for installation of machine.)      
         
 

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