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Question

Journalise the following transactions in the books of Manoj Store:
(i) Purchased goods from Ramesh ₹ 20,000 less Trade Discount at 20% plus IGST @ 12% .
(ii) Sold goods costing ₹ 7,000 to Krishna for ₹ 9,000 plus IGST @ 12%.
(iii) Sold goods for ₹ 10,000 and charged IGST @ 12% against cheque.
(iv) ₹ 5,000 were deposited into Savings Account.
(v) Machinery costing ₹ 4,00,000 for which order was placed earlier paying advance of ₹ 40,000. The balance amount was paid as follows:
(a) An old machine (personal) valued at ₹ 30,000 was given in exchange;
(b) Issued a cheque from his savings account for ₹ 1,30,000; and
(c) Balance by issue cheque from firm's bank account.
(vi) Paid wages ₹ 2,500 for installation of machine.

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Solution

Books of Manoj Store

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

(i)

Purchases A/c

Dr.

18,000

Input IGST A/c

Dr.

2,160

To Ramesh’s A/c

20,160

(Goods purchased from Ramesh at 20% trade discount plus IGST @ 12%)

(ii)

Krishna‘s A/c

Dr.

10,080

To Sales A/c

9,000

To Output IGST A/c

1,080

(Goods worth Rs 7,000 sold to Krishna for Rs 9,000 plus IGST @ 12%)

(iii)

Bank A/c

Dr.

11,200

To Sales A/c

10,000

To Output IGST A/c

1,200

(Goods worth Rs 10,000 sold and IGST charged @ 12%)

(iv)

Bank A/c

Dr.

5,000

To Cash A/c

5,000

(Cash deposited into Savings A/c)

(v) Machinery A/c Dr. 4,00,000
To Advance (on order) 40,000
To Capital A/c (Note) 1,60,000
To Bank A/c 2,00,000
(Machinery purchased for exchange of personal machine and by issuing cheque)
(vi) Machinery A/c Dr. 2,500
To Cash A/c 2,500
(Wages paid for installation of machine)


Note: An old machine(personal) given in exchange of Rs 30,000 and cheque of Rs 1,30,000 from Saving A/c will increase the Capital A/c of proprietor.

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