10. Journalise the following transactions in the books of Harbhajan & Co. for the month
of 1st April 2019.
Balance on 1st April 2019
Cash in hand ` 35,000, Cash at Bank ` 25,000, Furniture ` 1,50,000, Laptop `1,00,000,
Debtors : Sangita ` 40,000, Viru ` 30,000
2019
Creditors : Ganesh ` 10,000, Garima ` 40,000, Bank loan ` 50,000.
April 1 Purchased goods from Ajay kumar worth ` 2,50,000 at 10% Trade discount @18% GST
and paid 1/4 amount in Cash.
5 Purchased shares of Infosysis Company ` 50,000 and ` 500 paid as brokerage by
DematA/c.
8 Sold goods to Raj worth ` 90,000 at 10% Trade discount and 1/3 amount received by
cash and 5% cash discount is allowed.
12 Paid house rent of proprietor ` 9,000 and office rent ` 5,000.
15 Purchased Laptop of ` 60,000 @ 18% GST and paid amount by cheque.
20 Paid transport charges on the above Laptop ` 1,000 @ 18% GST.
25 Paid Commission ` 20,000 to Ram.
26 Paid Telephone Charges ` 1,000.
28 Transferred from private Bank A/c of proprietor to business Bank A/c ` 40,000.
30 Bought goods for ` 1,50,000 @ 12% as GST by cheque.
30 Exchanged our Furniture of ` 30,000 against a Motor car of the same value for business.
Answer:
EdACCOUNTING Right?
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Step-by-step explanation:
Explanatory Notes:
28. Transferred from private Bank A/c of proprietor to business Bank A/c Rs.40,000.
The above Transaction is Cash are transferred from proprietor personal bank account to the Business current account which means business Bank account is receiving the Cash therefore Bank account is debited to Debit Side. On Credit Side Capital account because the proprietor transferred Cash to the business Bank from his own bank account which means proprietor introducing the Cash into the business.
30. Exchanged our Furniture of Rs.30,000 against a Motor car of the same value for business.
Motor car is purchased in term of exchanging of Furniture at same price non of amount is paid in this transaction. On Debit Side Motor car account because Motor car is an Asset for the business therefore by real account formula Debit what comes in. And On Credit Side Furniture account because Furniture is going out from the business by real account formula Credit what goes out.
Calculation:
1. 10% T.D – 2,50,000 *10/100 = 25,000
GST 18% – 2,25,000 *18/100 = 40,500
CGST 9% – 2,25,000 *9/100 = 20,250
SGST 9% – 2,25,000 *9/100 = 20,250
1/4 by Cash – 2,65,500/4 = 66,375
8. 10% T.D. – 90,000 *10/100 = 9,000
5% C.D. – 81,000 *5/1000 = 4,050
1/3 by Cash – 76,950/3 = 25,650
15. GST 18% – 60,000 *18/100 = 10,800
CGST 9% – 60,000 *9/100 = 5,400
SGST 9% – 60,000 *9/100 = 5,400
20. GST 18% – 1,000 *18/100 = 180
CGST 9% – 60,000 *9/100 = 5,400
SGST 9% – 60,000 *9/100 = 5,400
30. GST 12% – 1,50,000 *12/100 = 18,000
CGST 6% – 1,50,000 *6/100 = 9,000
SGST 6% – 1,50,000 *6/100 = 9,000
3 Gold Rule of Accounting.
Personal Account: 1. Debit The Receiver.
2. Credit The Giver.
Real Account: 1. Debit What Comes In.
2. Credit What Goes Out.
Nominal Account: 1. Debit All Expenses And Losses.
2. Credit All Income And Gain.