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Prepare ledger for the following accounts April 1 Ramesh started business with cash rupees 20000 April 2nd paid into Bank rupees 14000 April 3rd bought goods for cash 1000 @IGST 6% April 4 withdrew cash from bank for office use rupees 200 April 13 sold goods for cash rupees 300 @SGST 3% and CGST@3%?
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Prepare ledger for the following accounts April 1 Ramesh started busin...
Ledger for Ramesh's Business



  • April 1: Cash account (Dr) - 20000, Capital account (Cr) - 20000

  • April 2: Bank account (Dr) - 14000, Cash account (Cr) - 14000

  • April 3: Purchases account (Dr) - 1000, Input GST account (Dr) - 60, Cash account (Cr) - 1060

  • April 4: Office expenses account (Dr) - 200, Bank account (Cr) - 200

  • April 13: Cash account (Dr) - 300, Output SGST account (Cr) - 4.5, Output CGST account (Cr) - 4.5, Sales account (Cr) - 300



Explanation



  • April 1: Ramesh started his business with cash of Rs. 20000, which is recorded in the Cash account as a debit and in the Capital account as a credit.

  • April 2: Ramesh deposited Rs. 14000 into his bank account, which is recorded as a debit in the Bank account and a credit in the Cash account.

  • April 3: Ramesh bought goods for cash amounting to Rs. 1000, with an IGST of 6%. The purchases account is debited with Rs. 1000, and the Input GST account is debited with Rs. 60 (6% of Rs. 1000). The Cash account is credited with Rs. 1060.

  • April 4: Ramesh withdrew cash of Rs. 200 from his bank account for office use, which is recorded as a debit in the Office expenses account and a credit in the Bank account.

  • April 13: Ramesh sold goods for cash amounting to Rs. 300, with a CGST and SGST of 3% each. The Cash account is debited with Rs. 300. The Output SGST account and the Output CGST account are credited with Rs. 4.5 each (3% of Rs. 300). The Sales account is credited with Rs. 300.

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Prepare ledger for the following accounts April 1 Ramesh started busin...
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Prepare ledger for the following accounts April 1 Ramesh started business with cash rupees 20000 April 2nd paid into Bank rupees 14000 April 3rd bought goods for cash 1000 @IGST 6% April 4 withdrew cash from bank for office use rupees 200 April 13 sold goods for cash rupees 300 @SGST 3% and CGST@3%?
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Prepare ledger for the following accounts April 1 Ramesh started business with cash rupees 20000 April 2nd paid into Bank rupees 14000 April 3rd bought goods for cash 1000 @IGST 6% April 4 withdrew cash from bank for office use rupees 200 April 13 sold goods for cash rupees 300 @SGST 3% and CGST@3%? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Prepare ledger for the following accounts April 1 Ramesh started business with cash rupees 20000 April 2nd paid into Bank rupees 14000 April 3rd bought goods for cash 1000 @IGST 6% April 4 withdrew cash from bank for office use rupees 200 April 13 sold goods for cash rupees 300 @SGST 3% and CGST@3%? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Prepare ledger for the following accounts April 1 Ramesh started business with cash rupees 20000 April 2nd paid into Bank rupees 14000 April 3rd bought goods for cash 1000 @IGST 6% April 4 withdrew cash from bank for office use rupees 200 April 13 sold goods for cash rupees 300 @SGST 3% and CGST@3%?.
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