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Goods purchased from Mohan Rs.10,000 (CGST and SGST 9% eash)
2. Goods purchased for 90,000 payment given by cheque(IGST 18%)
3. Goods sold for Rs. 1,00,000 to Sohan (CGST and SGST 9% each)
4. Goods sold for Rs. 1,00,000 on cash (IGST 18%)
5. Goods return to Mohan Rs.1,000.
6. Goods return by Sohan for Rs.2,000.?
2. Goods purchased for 90,000 payment given by cheque(IGST 18%)
3. Goods sold for Rs. 1,00,000 to Sohan (CGST and SGST 9% each)
4. Goods sold for Rs. 1,00,000 on cash (IGST 18%)
5. Goods return to Mohan Rs.1,000.
6. Goods return by Sohan for Rs.2,000.?
Most Upvoted Answer
Goods purchased from Mohan Rs.10,000 (CGST and SGST 9% eash)2. Goods p...
Transaction Overview
The transactions involve the purchase and sale of goods along with the applicable Goods and Services Tax (GST) implications. Here’s a detailed breakdown:
1. Purchase from Mohan
- Goods purchased for Rs. 10,000.
- CGST = 9% of 10,000 = Rs. 900
- SGST = 9% of 10,000 = Rs. 900
- Total GST = Rs. 1,800
- Total cost = Rs. 10,000 + Rs. 1,800 = Rs. 11,800
2. Purchase through Cheque
- Goods purchased for Rs. 90,000.
- IGST = 18% of 90,000 = Rs. 16,200
- Total cost = Rs. 90,000 + Rs. 16,200 = Rs. 1,06,200
3. Sale to Sohan
- Goods sold for Rs. 1,00,000.
- CGST = 9% of 1,00,000 = Rs. 9,000
- SGST = 9% of 1,00,000 = Rs. 9,000
- Total GST = Rs. 18,000
- Total revenue = Rs. 1,00,000 + Rs. 18,000 = Rs. 1,18,000
4. Cash Sale
- Goods sold for Rs. 1,00,000 in cash.
- IGST = 18% of 1,00,000 = Rs. 18,000
- Total revenue = Rs. 1,00,000 + Rs. 18,000 = Rs. 1,18,000
5. Goods Returned to Mohan
- Goods returned worth Rs. 1,000.
- CGST = 9% of 1,000 = Rs. 90
- SGST = 9% of 1,000 = Rs. 90
- Total GST adjustment = Rs. 180
6. Goods Returned by Sohan
- Goods returned worth Rs. 2,000.
- CGST = 9% of 2,000 = Rs. 180
- SGST = 9% of 2,000 = Rs. 180
- Total GST adjustment = Rs. 360
Conclusion
These transactions highlight the financial implications of GST on both purchases and sales, along with adjustments for returns. It is crucial to maintain accurate records for effective GST compliance and tax credits.
The transactions involve the purchase and sale of goods along with the applicable Goods and Services Tax (GST) implications. Here’s a detailed breakdown:
1. Purchase from Mohan
- Goods purchased for Rs. 10,000.
- CGST = 9% of 10,000 = Rs. 900
- SGST = 9% of 10,000 = Rs. 900
- Total GST = Rs. 1,800
- Total cost = Rs. 10,000 + Rs. 1,800 = Rs. 11,800
2. Purchase through Cheque
- Goods purchased for Rs. 90,000.
- IGST = 18% of 90,000 = Rs. 16,200
- Total cost = Rs. 90,000 + Rs. 16,200 = Rs. 1,06,200
3. Sale to Sohan
- Goods sold for Rs. 1,00,000.
- CGST = 9% of 1,00,000 = Rs. 9,000
- SGST = 9% of 1,00,000 = Rs. 9,000
- Total GST = Rs. 18,000
- Total revenue = Rs. 1,00,000 + Rs. 18,000 = Rs. 1,18,000
4. Cash Sale
- Goods sold for Rs. 1,00,000 in cash.
- IGST = 18% of 1,00,000 = Rs. 18,000
- Total revenue = Rs. 1,00,000 + Rs. 18,000 = Rs. 1,18,000
5. Goods Returned to Mohan
- Goods returned worth Rs. 1,000.
- CGST = 9% of 1,000 = Rs. 90
- SGST = 9% of 1,000 = Rs. 90
- Total GST adjustment = Rs. 180
6. Goods Returned by Sohan
- Goods returned worth Rs. 2,000.
- CGST = 9% of 2,000 = Rs. 180
- SGST = 9% of 2,000 = Rs. 180
- Total GST adjustment = Rs. 360
Conclusion
These transactions highlight the financial implications of GST on both purchases and sales, along with adjustments for returns. It is crucial to maintain accurate records for effective GST compliance and tax credits.
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Goods purchased from Mohan Rs.10,000 (CGST and SGST 9% eash)2. Goods purchased for 90,000 payment given by cheque(IGST 18%)3. Goods sold for Rs. 1,00,000 to Sohan (CGST and SGST 9% each)4. Goods sold for Rs. 1,00,000 on cash (IGST 18%)5. Goods return to Mohan Rs.1,000.6. Goods return by Sohan for Rs.2,000.?
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Goods purchased from Mohan Rs.10,000 (CGST and SGST 9% eash)2. Goods purchased for 90,000 payment given by cheque(IGST 18%)3. Goods sold for Rs. 1,00,000 to Sohan (CGST and SGST 9% each)4. Goods sold for Rs. 1,00,000 on cash (IGST 18%)5. Goods return to Mohan Rs.1,000.6. Goods return by Sohan for Rs.2,000.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Goods purchased from Mohan Rs.10,000 (CGST and SGST 9% eash)2. Goods purchased for 90,000 payment given by cheque(IGST 18%)3. Goods sold for Rs. 1,00,000 to Sohan (CGST and SGST 9% each)4. Goods sold for Rs. 1,00,000 on cash (IGST 18%)5. Goods return to Mohan Rs.1,000.6. Goods return by Sohan for Rs.2,000.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods purchased from Mohan Rs.10,000 (CGST and SGST 9% eash)2. Goods purchased for 90,000 payment given by cheque(IGST 18%)3. Goods sold for Rs. 1,00,000 to Sohan (CGST and SGST 9% each)4. Goods sold for Rs. 1,00,000 on cash (IGST 18%)5. Goods return to Mohan Rs.1,000.6. Goods return by Sohan for Rs.2,000.?.
Goods purchased from Mohan Rs.10,000 (CGST and SGST 9% eash)2. Goods purchased for 90,000 payment given by cheque(IGST 18%)3. Goods sold for Rs. 1,00,000 to Sohan (CGST and SGST 9% each)4. Goods sold for Rs. 1,00,000 on cash (IGST 18%)5. Goods return to Mohan Rs.1,000.6. Goods return by Sohan for Rs.2,000.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Goods purchased from Mohan Rs.10,000 (CGST and SGST 9% eash)2. Goods purchased for 90,000 payment given by cheque(IGST 18%)3. Goods sold for Rs. 1,00,000 to Sohan (CGST and SGST 9% each)4. Goods sold for Rs. 1,00,000 on cash (IGST 18%)5. Goods return to Mohan Rs.1,000.6. Goods return by Sohan for Rs.2,000.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods purchased from Mohan Rs.10,000 (CGST and SGST 9% eash)2. Goods purchased for 90,000 payment given by cheque(IGST 18%)3. Goods sold for Rs. 1,00,000 to Sohan (CGST and SGST 9% each)4. Goods sold for Rs. 1,00,000 on cash (IGST 18%)5. Goods return to Mohan Rs.1,000.6. Goods return by Sohan for Rs.2,000.?.
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