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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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