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Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% each on 1-05-2020 on the same date sohan accepted a bill drwan by Mohan payable after two months on the due date Sohan paid the amount.Give journal entries in the books of both the parties?
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Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% eac...
**Journal Entries in the Books of Mohan:**
1. On 1-05-2020, when goods were sold to Sohan:
| Date | Particulars | Amount (Dr) | Amount (Cr) |
|------------|----------------------------|-------------|-------------|
| 1-05-2020 | Sohan A/c | 10,000 | |
| | CGST A/c | 600 | |
| | SGST A/c | 600 | |
| | Sales A/c | | 11,200 |
| | | Total | 11,200 |
Explanation:
- Sohan's account is debited with the amount of goods sold, i.e., Rs. 10,000.
- CGST account is debited with the CGST amount, i.e., Rs. 600.
- SGST account is debited with the SGST amount, i.e., Rs. 600.
- Sales account is credited with the total amount of the sale, i.e., Rs. 11,200.
**Journal Entries in the Books of Sohan:**
1. On 1-05-2020, when goods were purchased from Mohan:
| Date | Particulars | Amount (Dr) | Amount (Cr) |
|------------|--------------------|-------------|-------------|
| 1-05-2020 | Purchases A/c | 10,000 | |
| | CGST A/c | 600 | |
| | SGST A/c | 600 | |
| | Mohan A/c | | 11,200 |
| | | Total | 11,200 |
Explanation:
- Purchases account is debited with the amount of goods purchased, i.e., Rs. 10,000.
- CGST account is debited with the CGST amount, i.e., Rs. 600.
- SGST account is debited with the SGST amount, i.e., Rs. 600.
- Mohan's account is credited with the total amount of the purchase, i.e., Rs. 11,200.
2. On the due date, when the bill payable to Mohan is paid by Sohan:
| Date | Particulars | Amount (Dr) | Amount (Cr) |
|------------|--------------------|-------------|-------------|
| Due Date | Mohan A/c | 11,200 | |
| | Bank A/c | | 11,200 |
| | | Total | 11,200 |
Explanation:
- Mohan's account is debited with the amount of the bill, i.e., Rs. 11,200.
- Bank account is credited with the amount paid by Sohan, i.e., Rs. 11,200.
In conclusion, the journal entries in the books of Mohan include the sale of goods and the corresponding CGST and SGST entries. On the other hand, the journal entries in the books of Sohan include the purchase of goods and the corresponding CGST and SGST entries, followed by the payment of the bill on the due date.
1. On 1-05-2020, when goods were sold to Sohan:
| Date | Particulars | Amount (Dr) | Amount (Cr) |
|------------|----------------------------|-------------|-------------|
| 1-05-2020 | Sohan A/c | 10,000 | |
| | CGST A/c | 600 | |
| | SGST A/c | 600 | |
| | Sales A/c | | 11,200 |
| | | Total | 11,200 |
Explanation:
- Sohan's account is debited with the amount of goods sold, i.e., Rs. 10,000.
- CGST account is debited with the CGST amount, i.e., Rs. 600.
- SGST account is debited with the SGST amount, i.e., Rs. 600.
- Sales account is credited with the total amount of the sale, i.e., Rs. 11,200.
**Journal Entries in the Books of Sohan:**
1. On 1-05-2020, when goods were purchased from Mohan:
| Date | Particulars | Amount (Dr) | Amount (Cr) |
|------------|--------------------|-------------|-------------|
| 1-05-2020 | Purchases A/c | 10,000 | |
| | CGST A/c | 600 | |
| | SGST A/c | 600 | |
| | Mohan A/c | | 11,200 |
| | | Total | 11,200 |
Explanation:
- Purchases account is debited with the amount of goods purchased, i.e., Rs. 10,000.
- CGST account is debited with the CGST amount, i.e., Rs. 600.
- SGST account is debited with the SGST amount, i.e., Rs. 600.
- Mohan's account is credited with the total amount of the purchase, i.e., Rs. 11,200.
2. On the due date, when the bill payable to Mohan is paid by Sohan:
| Date | Particulars | Amount (Dr) | Amount (Cr) |
|------------|--------------------|-------------|-------------|
| Due Date | Mohan A/c | 11,200 | |
| | Bank A/c | | 11,200 |
| | | Total | 11,200 |
Explanation:
- Mohan's account is debited with the amount of the bill, i.e., Rs. 11,200.
- Bank account is credited with the amount paid by Sohan, i.e., Rs. 11,200.
In conclusion, the journal entries in the books of Mohan include the sale of goods and the corresponding CGST and SGST entries. On the other hand, the journal entries in the books of Sohan include the purchase of goods and the corresponding CGST and SGST entries, followed by the payment of the bill on the due date.
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Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% eac...
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Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% each on 1-05-2020 on the same date sohan accepted a bill drwan by Mohan payable after two months on the due date Sohan paid the amount.Give journal entries in the books of both the parties?
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Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% each on 1-05-2020 on the same date sohan accepted a bill drwan by Mohan payable after two months on the due date Sohan paid the amount.Give journal entries in the books of both the parties? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% each on 1-05-2020 on the same date sohan accepted a bill drwan by Mohan payable after two months on the due date Sohan paid the amount.Give journal entries in the books of both the parties? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% each on 1-05-2020 on the same date sohan accepted a bill drwan by Mohan payable after two months on the due date Sohan paid the amount.Give journal entries in the books of both the parties?.
Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% each on 1-05-2020 on the same date sohan accepted a bill drwan by Mohan payable after two months on the due date Sohan paid the amount.Give journal entries in the books of both the parties? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% each on 1-05-2020 on the same date sohan accepted a bill drwan by Mohan payable after two months on the due date Sohan paid the amount.Give journal entries in the books of both the parties? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% each on 1-05-2020 on the same date sohan accepted a bill drwan by Mohan payable after two months on the due date Sohan paid the amount.Give journal entries in the books of both the parties?.
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Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% each on 1-05-2020 on the same date sohan accepted a bill drwan by Mohan payable after two months on the due date Sohan paid the amount.Give journal entries in the books of both the parties?, a detailed solution for Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% each on 1-05-2020 on the same date sohan accepted a bill drwan by Mohan payable after two months on the due date Sohan paid the amount.Give journal entries in the books of both the parties? has been provided alongside types of Mohan sold goods to sohan for rupees10,000 plus CGST and SGST @ 6% each on 1-05-2020 on the same date sohan accepted a bill drwan by Mohan payable after two months on the due date Sohan paid the amount.Give journal entries in the books of both the parties? theory, EduRev gives you an
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