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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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