Question No 4 Chapter No 16 - T.S. Grewal 11 Class

Question No 4 Chapter No 16

4. Manish sold goods to Kumar for 10,000 plus CGST and SGST @ 9% each. He received 1,800 in cash and drew on him a bill for 10,000 payable 3 months after date. Kumar accepted the bill and returned it to Manish. On the due date, Manish presented the bill to Kumar who honoured it. Pass Journal entries in the books of both the parties.

The solution of Question No 4 Chapter No 16: –

Books of Manish
Date	Particulars		L.F.	Debit	Credit

	Kumar A/c	Dr		11,800
	To Sales A/c				10,000
	To Output CGST A/c				900
	To Output SGST A/c				900
	(Being goods sold plus IGST @18 )
	Bills Receivable A/c	Dr.		10,000
	Cash A/c			1,800
	To Kumar A/c				11,800
	(Being Bill received )
	Cash A/c	Dr.		10,000
	To Bills Receivable A/c				10,000
	(Being Cash received against the bill )

Books of Kumar
Date	Particulars		L.F.	Debit	Credit

	Purchases A/c	Dr		10,000
	Input CGST A/c	Dr		900
	Input SGST A/c	Dr		900
	To A A/c				11,800
	(Being goods bought plus CGST and SGST @9 )
	Manish A/c	Dr.		11,800
	To Bills Payable A/c				10,000
	To Cash A/c				1,800
	(Being Bill accepted )
	Bills Payable A/c	Dr.		10,000
	To Cash A/c				10,000
	(Being Cash paid against the bill )

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

Chapter No. 1 – Introduction to Accounting
Chapter No. 2 – Basic Accounting Terms
Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
Chapter No. 4 – Bases of Accounting
Chapter No. 5 – Accounting Equation
Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
Goods and Services Tax(GST)
Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
Chapter No. 8 – Journal
Chapter No. 9 – Ledger
Chapter No. 10 – Special Purpose Books I – Cash Book
Chapter No. 11 – Special Purpose Books II – Other Books
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 13 – Trial Balance
Chapter No. 14 – Depreciation
Chapter No. 15 – Provisions and Reserves
Chapter No. 16 – Accounting for Bills of Exchange
Chapter No. 17 – Rectification of Errors
Chapter No. 18 – Financial Statements of Sole Proprietorship
Chapter No. 19 – Adjustments in preparation of Financial Statements
Chapter No. 20 – Accounts from incomplete Records – Single Entry System
Chapter No. 21 – Computers in Accounting
Chapter No. 22 – Accounting Software – Tally
Chapter No. 5 – Accounting Equation
Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
Goods and Services Tax(GST)
Chapter No. 8 – Journal
Chapter No. 9 – Ledger
Chapter No. 10 – Special Purpose Books I – Cash Book