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Standard VII
Mathematics
Cost Price and Selling Price
Intra-state t...
Question

Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger:
2018 ₹
Jan. 1 Started business with cash* 1,00,000
Jan. 3 Bought goods on credit from Gupta & Co., Delhi 20,000
Jan. 5 Cash sales 5,000
Jan. 8 Cash purchases 8,000
Jan. 10 Sold goods to Ahmed & Co., Lucknow 10,000
Jan. 11 Deposited cash in bank* 50,000
Jan. 13 Purchased a computer for office 20,000
Jan. 15 Took a loan from Mehboob* 70,000
Jan. 16 Goods returned by Ahmed & Co. 2,000
Jan. 17 Purchased furniture from Mehfil Mart, Kolkata 10,000
Jan. 18 Paid interest to Mehboob* 2,000
Jan. 19 Received claim from Ahmed & Co. for defects in goods supplied to them. Claim was accepted and rebate was allowed.* 1,000
Jan. 22 Paid rent by cheque 2,000
Jan. 24 Withdrew from bank* 20,000
Jan. 25 Sales of goods at counter after allowing trade discount of 10% 10,000
Jan. 26 Goods purchased from Gupta & Co., Delhi were destroyed by accident 10,000
Jan. 27 Advertisement expenses paid through bank 5,000
Jan. 28 Ahmed & Co. settled their account by cheque* 7,000
Jan. 29 Paid to Gupta & Co. by cheque* 18,000
Discount allowed by them* 2,000
Jan. 31 Sold old newspapers 500

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.

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Solution

Journal of Afjal, Kolkata
Date
Particulars
L.F.
Debit Amount
(₹)
Credit Amount
(₹)
2018
Jan.01
 Cash A/c
Dr.
1,00,000
To Capital A/c
1,00,000
(Business started with cash)
Jan.03
 Purchases A/c
Dr.
20,000
Input IGST A/c
Dr.
2,400
To Gupta & Co.
22,400
(Goods purchased on credit @ 12% IGST)
Jan.05
 Cash A/c
Dr.
5,600
To Sales A/c
5,000
To Output CGST A/c
300
To Output SGST A/c
300
(Goods sold for cash @ 6% CGST and SGST)
Jan.08
 Purchases
Dr.
8,000
Input CGST A/c
Dr.
480
Input SGST A/c
Dr.
480
To Cash A/c
8,960
(Goods purchased for cash @ 6% CGST and SGST)
Jan.10
 Ahmed & Co.
Dr.
11,200
To Sales A/c
10,000
To Output IGST A/c
1,200
(Goods sold on credit @ 12% IGST)
Jan.11
 Bank A/c
Dr.
50,000
To Cash A/c
50,000
(Cash deposited into bank)
Jan.13
 Computers A/c
Dr.
20,000
Input CGST A/c
Dr.
1,200
Input SGST A/c
Dr.
1,200
To Cash A/c
22,400
(Computers purchased @ 6% CGST and SGST)
Jan.15
 Cash A/c
Dr.
70,000
To Loan from Mehboob
70,000
(Loan taken from Mehboob)
Jan.16
 Sales Return A/c
Dr.
2,000
Output IGST A/c
Dr.
240
To Ahmed & Co.
2,240
(Goods returned by Ahmed & Co.)
Jan.17
 Furniture A/c
Dr.
10,000
Input CGST A/c
Dr.
600
Input SGST A/c
Dr.
600
11,200
To Mehfil Mart
(Furniture purchased @ 6% CGST and SGST)
Jan.18
 Interest on Mehboob Loan A/c
Dr.
2,000
To Cash A/c
2,000
(Interest on Loan paid)
Jan.19
 Insurance Claim A/c
Dr.
1,000
To Ahmed & Company
1,000
(Insurance Claim due)
Jan.22
 Rent A/c
Dr.
2,000
Input CGST A/c
Dr.
120
Input SGST A/c
Dr.
120
2,240
To Bank A/c
(Rent paid with 6% CGST and SGST)
Jan.24
 Cash A/c
Dr.
20,000
To Bank A/c
20,000
(Cash withdrawn from bank)
Jan.25
 Cash A/c
Dr.
10,080
To Sales A/c
9,000
To Output CGST A/c
540
To Output SGST A/c
540
(Goods sold for cash @ 6% CGST and SGST)
Jan.26
 Loss by Accident A/c
Dr.
11,200
To Purchases A/c
10,000
To Input IGST A/c
1,200
(Goods lost by accident and IGST reversed )
Jan.27
 Advertisement A/c
Dr.
5,000
Input CGST A/c
Dr.
300
Input SGST A/c
Dr.
300
To Bank A/c
5,600
(Advertisement expenses with 6% intrastate GST paid)
Jan.28
 Bank A/c
Dr.
7,000
Discount Allowed A/c
Dr.
960
To Ahmed & Company
7,960
(Payment Received in full settlement)
Jan.29
 Gupta & Company
Dr.
20,000
To Bank A/c
18,000
To Discount Received A/c
2,000
(Payment made)
Jan.31
 Cash A/c
Dr.
560
To Sundry Income A/c
500
To Output CGST A/c
30
To Output SGST A/c
30
(Sundry Income received with 6% intra state GST)
Ledger
Cash Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.01 Capital
1,00,000
 Jan.08 Purchases
8,960
Jan.05 Sales
5,000
 Jan.11 Bank
50,000
Jan.15 Loan from Mehboob
70,000
 Jan.13 Computer
22,400
Jan.24 Bank
20,000
 Jan.18 Interest on Mehboob Loan
2,000
Jan.25 Sales
10,080
 Jan.31 Balance c/d
1,22,280
Jan.31 Sundry income
560
2,05,640
2,05,640
Feb.01 Balance b/d
1,22,280
Purchases Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.03 Gupta & Company
20,000
 Jan.26 Loss by Accident
10,000
Jan.08 Cash
8,000
 Jan.31 Balance c/d
18,000
28,000
28,000
Feb.01 Balance b/d
18,000
Capital Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.31 Balance c/d
1,00,000
 Jan.01 Cash
1,00,000
1,00,000
1,00,000
Feb.01 Balance b/d
1,00,000
Sales Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.31 Balance c/d
24,000
 Jan.05 Cash
5,000
Jan.10 Ahmed & Company
10,000
Jan.25 Cash
9,000
24,000
24,000
Feb.01 Balance b/d
24,000
Gupta & Company
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.29 Bank
18,000
 Jan.03 Purchases
20,000
Jan.29 Discount Received
2,000
 Jan.03 Input IGST A/c
2,400
Jan.29 Balance c/d
2,400
22,400
22,400
Ahmed & Company
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.10 Sales
10,000
 Jan.16
Jan.16		 Sales returns
Output IGST A/c
2,000
240
Jan.10 Output IGST A/c
1,200
 Jan.19 Insurance claim
1,000
Jan.28 Bank
7,000
Jan.28 Discount Allowed
960
11,200
11,200
Bank Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.11 Cash
50,000
 Jan.22 Rent
2,240
Jan.28 Ahmed & Company
7,000
 Jan.24 Cash
20,000
Jan.27 Advertisement
5,600
Jan.29 Gupta & Company
18,000
Jan.31 Balance c/d
11,160
57,000
57,000
Feb.01 Balance b/d
11,160
Computers Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.13 Cash
20,000
 Jan.31 Balance c/d
20,000
20,000
20,000
Feb.01 Balance b/d
20,000
Loan from Mehboob
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.31 Balance c/d
70,000
 Jan.15 Cash
70,000
70,000
70,000
Feb.01 Balance b/d
70,000
Insurance Claim Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.19 Ahmed & Company
1,000
 Jan.31 Balance c/d
1,000
1,000
1,000
Feb.01 Balance b/d
1,000
Rent Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.22 Bank
2,000
 Jan.31 Balance c/d
2,000
2,000
2,000
Feb.01 Balance b/d
2,000
Loss by Accident Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.26 Purchases
10,000
 Jan.31 Balance c/d
11,200
Jan.26 Input IGST A/c
1,200
11,200
11,200
Feb.01 Balance b/d
11,200
Advertisement Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.27 Bank
5,000
 Jan.31 Balance c/d
5,000
5,000
5,000
Feb.01 Balance b/d
5,000
Sales Returns Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.16 Ahmed & Company
2,000
 Jan.31 Balance c/d
2,000
2,000
2,000
Feb.01 Balance b/d
2,000
Furniture Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.17 Mehfil Mart
10,000
 Jan.31 Balance c/d
10,000
10,000
10,000
Feb.01 Balance b/d
10,000
Mehfil Mart
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.31 Balance c/d
11,200
 Jan.17 Furniture
10,000
Jan.17
Jan.17		 Input CGST A/c
Input SGST A/c
600
600
11,200
11,200
Feb.01 Balance b/d
11,200
Interest on Mehboob Loan Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.18 Cash A/c
2,000
 Jan.31 Balance c/d
2,000
2,000
2,000
Feb.01 Balance b/d
2,000
Discount Allowed Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.28 Ahmed & Company
960
 Jan.31 Balance c/d
960
960
960
Feb.01 Balance b/d
960
Discount Received Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.31 Balance c/d
2,000
 Jan.29 Gupta & Company
2,000
2,000
2,000
Feb.01 Balance b/d
2,000
Sundry Incomes Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.31 Balance c/d
500
 Jan.31 Cash
500
500
500
Feb.01 Balance b/d
500
​
Input IGST Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.03 Gupta & Co.
2,400
 Jan.26 Loss by Accident
1,200
Jan.05 Sales
5,000
 Jan.31 Balance c/d 6,200
7,400
7,400
Feb.01 Balance b/d 6,200
Output IGST Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.16 Ahmed & Co.
240
 Jan.10 Ahmed & Co.
1,200
Jan.31 Balance c/d 960
1,200
1,200
Feb.01 Balance b/d 960
Input CGST Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.08
Jan.13
Jan.17
Jan. 22
Jan.27		 Cash
Cash
Mehfil Mart
Bank
Bank
480
1,200
600
120
300
 Jan.31 Balance c/d 2,700
2,700 2,700
Feb.01 Balance b/d
2,700
Output CGST Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.31 Balance c/d
870
 Jan.05 Cash
300
Jan.25 Cash
540
Jan.31 Cash
30
870
870
Feb.01 Balance b/d
870
Input SGST Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.08 Cash
480
 Jan.31 Balance c/d 2,700
Jan.13
Jan.17
Jan.22		 Cash
Mehfil Mart
Bank
1,200
600
120
Jan.27
 Bank
300
2,700
2,700
Feb.01 Balance b/d
2,700
Output SGST Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
Jan.31 Balance c/d 870 Jan.05
Jan.25		 Cash
Cash
300
540
Jan.31 Cash
30
870
870
Feb.01 Balance b/d
870

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Q. Enter the following transactions in the Journal of M/s. Karim Bros., Prop. Shri Karim Khan, Kolkata, post to the Ledger:
2019

₹

April 1

Assets: Cash in Hand ₹ 20,000; Cash at Bank ₹ 35,000; Stock ₹ 15,000; Furniture ₹ 4,500;

Input SGST ₹ 5,000; Input IGST ₹ 2,000

Debtors: Poonam ₹ 20,000; Sonu ₹ 10,000

Liabilities Creditors: Ashok ₹ 13,500; Pankaj ₹ 21,500

April 4

Purchased goods from Pankaj, Kolkata

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April 7

Paid to Ashok by cheque in full settlement of his account*

13,000

April 10

Sold goods to Poonam, Delhi

11,000

April 12

Purchased goods from Ashok, Delhi

15,000

April 15

Sold goods to Sonu, Kanpur

6,000

April 18

Received cheque from Poonam on account*

24,500

Allowed her discount*

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April 25

Paid for stationery

1,200

April 27

Paid telephone bill by cheque

3,500

April 30

Paid salaries*

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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 (*).
Q. Enter the following transactions in the Journal of M/s. Karim Bros., Prop. Shri Karim Khan, Kolkata, post to the Ledger and prepare the Trial Balance:

2018

₹

April 1

Assets: Cash in Hand ₹ 20,000; Cash at Bank ₹ 35,000; Stock ₹ 15,000; Furniture ₹ 4,500;

Input SGST ₹ 5,000; Input IGST ₹ 2,000

Debtors: Poonam ₹ 20,000; Sonu ₹ 10,000

Creditors: Ashok ₹ 13,500; Pankaj ₹ 21,500

April 4

Purchased goods from Pankaj, Kolkata

5,000

April 7

Paid to Ashok by cheque in full settlement of his account*

13,000

April 10

Sold goods to Poonam, Delhi

11,000

April 12

Purchased goods from Ashok, Delhi

15,000

April 15

Sold goods to Sonu, Kanpur

6,000

April 18

Received cheque from Poonam*

24,500

Allowed her discount*

1,500

April 25

Paid for stationery

1,200

April 27

Paid telephone bill by cheque

3,500

April 30

Paid salaries*

6,000

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 (*).
Q. Enter the following transactions in the Journal of Suresh, Delhi who trades in ready-made garments:
2019 ₹
April 1 Suresh paid into bank as Capital* 60,000
April 2 He bought goods and paid by cheque 24,000
April 3 Sold goods to Mukand & Co., Delhi 6,700
April 4 Sold goods for cash 10,900
April 5 Paid sundry expenses in cash* 3,000
April 8 Paid for office furniture and fittings by cheque 4,000
April 9 Bought goods from Ramesh & Bros., Faridabad (Haryana) 10,600
April 11 Returned goods to Ramesh & Bros. 1,500
April 12 Issued cheque to Ramesh & Bros. in full settlement* 9,500
April 30 Bank charged interest* 200
April 30 Borrowed from Ridhi @ 10% per annum interest* 50,000
April 30 Received from Mahendra on account* 6,000
April 30 Sold household furniture and paid the amount into business* 2,000
April 30 Sold goods costing ₹ 5,000 to Anita for cash at a profit of 20% on cost, less 20% trade discount
April 30 Sold goods costing ₹ 20,000 to Sunil at a profit of 20% on sale less 20% Trade Discount and paid cartage ₹ 150 (to be charged from customer).

CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @ 12% on inter-state sale and purchase. Out of the above, transactions marked with (*) are not subject to levy of GST.
Q. Following balances appeared in the books of Ashok, Delhi on 1st April, 2018:
Assets: Cash ₹ 50,000; Stock ₹ 30,000; Debtors–Ram ₹ 50,000; Machinery ₹ 60,000.
Liabilities: Creditor – Rajesh ₹ 30,000.
The following transactions took place in April, 2018:
2018 ₹
April 4 Sold goods for cash 7,000
April 6 Goods returned by Ram, Delhi 1,000
April 10 Purchased goods from Rajesh, Jaipur (Rajasthan) of list price ₹ 10,000 for 9,000
April 15 Bought goods at list price of ₹ 15,000 from Rakesh, Kolkata less 10% trade
discount and 5% cash discount and paid 40% price immediately
April 20 Paid to Rajesh in full settlement of his account* 38,600
April 25 Paid for the life insurance premium of the proprietor* 500
April 30 Received for commission 2,000

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.
Q. Record the following transactions in the Journal of Ashoka Furniture Traders, Ludhiana (Punjab):
2019 ₹
Jan. 1 Started business with cash 50,000
Jan. 2 Opened a Current Account by personal cheque 3,50,000
Jan. 10 Purchased machinery against cheque 1,00,000
Jan. 15 Paid wages for installation of machinery 2,000
Jan. 20 Purchased timber from Singh & Co., Ludhiana (Punjab) of the list price of ₹ 20,000 at 10% trade discount
Jan. 25 Out of the above, timber used for furnishing the office 5,000
Jan. 31 Sold timber to Rakesh of the list price of ₹ 10,000 and allowed him 10% trade discount
Feb. 10 Issued to Singh & Co. a cheque in full settlement 20,000
Feb. 15 Received from Rakesh in full and final settlement 10,000
Feb. 20 Paid Wages 15,000
Feb. 28 Issued a cheque for ₹ 5,000 in favour of the landlord for rent of February

CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @ 12% on inter-state sale and purchase.
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