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
(i)Purchase A/cDr. 16,000 
 Input IGST A/cDr. 1,920 
           To Ramesh’s A/c   17,920
 (Being goods purchase from Ramesh )   
(ii)Krishna A/cDr. 10,080 
           To Capital A/c   9,000
           To Output IGST A/c   1,080
 (Being goods sold to the Krishna)   
(iii)Bank A/cDr. 11,200 
            To Sales A/c   10,000
            To Output IGST A/c  1,200
 (Being goods sold to the Krishna)   
(vi)Bank A/cDr. 5,000 
            To Cash A/c  5,000
 (Being cash deposited into Saving Account.)   
(v)Machine A/cDr. 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/cDr. 2,500 
            To Cash A/c  2,500
 (Being Wage paid for installation of machine.)   

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