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Journalise following:
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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Journalise following:Goods purchased from Mohan Rs.10,000 (CGST and SG...
Journal Entries for Transactions
The following journal entries illustrate the transactions involving goods purchased and sold, including returns, with the applicable GST rates.
1. Goods Purchased from Mohan
- Entry:
- Debit Purchases Account: Rs. 10,000
- Debit CGST: Rs. 900 (9% of Rs. 10,000)
- Debit SGST: Rs. 900 (9% of Rs. 10,000)
- Credit Mohan's Account: Rs. 11,800 (Total including GST)
2. Goods Purchased for Rs. 90,000 (Payment by Cheque)
- Entry:
- Debit Purchases Account: Rs. 90,000
- Debit IGST: Rs. 16,200 (18% of Rs. 90,000)
- Credit Bank Account: Rs. 1,06,200 (Total including IGST)
3. Goods Sold to Sohan for Rs. 1,00,000
- Entry:
- Debit Sohan's Account: Rs. 1,00,000
- Credit Sales Account: Rs. 1,00,000
- Credit CGST: Rs. 9,000 (9% of Rs. 1,00,000)
- Credit SGST: Rs. 9,000 (9% of Rs. 1,00,000)
4. Goods Sold for Rs. 1,00,000 on Cash
- Entry:
- Debit Cash Account: Rs. 1,18,000 (Total including IGST)
- Credit Sales Account: Rs. 1,00,000
- Credit IGST: Rs. 18,000 (18% of Rs. 1,00,000)
5. Goods Returned to Mohan for Rs. 1,000
- Entry:
- Debit Mohan's Account: Rs. 1,000
- Credit Purchases Returns Account: Rs. 1,000
- Credit CGST: Rs. 90 (9% of Rs. 1,000)
- Credit SGST: Rs. 90 (9% of Rs. 1,000)
6. Goods Returned by Sohan for Rs. 2,000
- Entry:
- Debit Sales Returns Account: Rs. 2,000
- Credit Sohan's Account: Rs. 2,000
- Debit CGST: Rs. 180 (9% of Rs. 2,000)
- Debit SGST: Rs. 180 (9% of Rs. 2,000)
These entries summarize the financial impact of the transactions related to goods purchased and sold, incorporating the respective GST implications.
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Journalise following: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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Journalise following: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 Journalise following: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 Journalise following: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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