Q.1. On 1st April, 2018, Mohit started business with a capital of Rs. 50,000. He made the following transactions:
You are required to journalise the above transactions and show the respective Ledger accounts.
Ans. Statement showing Journal of Mohit
Following are the ledgers shown in the books of Mohit
Point of Knowledge:
Q.2. Suresh, Kanpur commenced business on 1st January, 2018 introducing capital in cash Rs. 1, 00,000. His other transactions during the month were as follows:
Enter the above transactions in his books of account
Ans. Statement showing Journal of Suresh, Kanpur
Following are the ledgers shown in the books of Suresh, Kanpur
Point of Knowledge:
Q.3. Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger:
Intra-state transactions are subject to levy of CGST and SGST @ 6% each whereas inter-state transactions are subject to levy of IGST @ 12%. Out of the above transactions, transactions marked (*) are not subject to levy of GST.
Ans. Statement showing Journal of Afjal, Kolkata
Following are the ledgers shown in the books of Afjal, Kolkata
Point of Knowledge:
Trade discount is the part of purchases & it should be deducted from the purchases. It is no shown in the books of accounts.
Q.4. Pass Journal entries of M/s. Bhanu Traders, Delhi from the following transactions. Post them to the Ledger:
Intra-state transactions are subject to levy of CGST and SGST @ 6% each whereas inter-state transactions are subject to levy of IGST @ 12%. Out of the above transactions marked (*) are not subject to levy of GST.
Ans. Statement showing Journal of M/s Bhanu Traders
Following are the ledgers shown in the books of M/s Bhanu Traders.
Point of Knowledge:
Q.5. Journalise the following transactions in the Journal of M/s. Gupta Brothers (Prop. Shri R. K. Gupta), Delhi and post them to the Ledger:
Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Ans. Statement showing Journal of M/s Gupta Brothers
Following are the ledgers shown in the books of M/s Gupta Brothers
Point of knowledge:
Q.6. Following balances appeared in the books of Ashok, Delhi on 1st April, 2018:
Assets: Cash Rs. 50,000; Stock Rs. 30,000; Debtors–Ram Rs. 50,000; Machinery Rs. 60,000.
Liabilities: Creditor – Rajesh Rs. 30,000.
The following transactions took place in April, 2018:
CGST and SGST @ 6% each is levied on intra-state transactions and IGST is levied @12% on inter-state transactions. Transactions marked (*) are not subject to levy of GST.
Pass Journal entries for the above transaction, post them into the Ledger and prepare the Trial Balance on 30th April, 2018.
Ans. Statement showing Journal of Ashok, Delhi
Following are the ledgers shown in the books of Ashok, Delhi
Point of Knowledge:
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