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Question

Journalise the following transactions of Rakesh Agencies, Delhi (Proprietor Shri Rakesh):
2018
Jan 1
Jan 2
Jan 5
Jan 7
Jan 10
Jan 15
Jan 20
Jan 25
Jan 27
Jan 28
Jan 31
Jan 31

Rakesh commenced business with cash
Purchased goods for cash
Purchased goods from Mohan, Delhi on credit
Opened bank account with Bank of India
Purchased furniture for office
Sold goods for cash
Sold goods to Ram, Delhi on credit
Cash sales
Paid to Mohan on account
Ram returns goods
Paid Salaries
Rejected and returned 10% of goods supplied by Mohan
50,000
10,000
6,000
10,000
2,000
8,000
5,000
3,500
3,000
500
9,000
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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Solution

Journal
Date
Particulars
L.F.
Debit
Amount
(₹)
Credit
Amount
(₹)
2018
Jan 01
Cash A/c
Dr.
50,000
To Capital A/c
50,000
(Started business with cash)
Jan 02
Purchases A/c
Dr.
10,000
Input CGST A/c
Dr.
600
Input SGST A/c
Dr.
600
To Cash A/c
11,200
(Goods purchased)
Jan 05
Purchases A/c
Dr.
6,000
Input CGST A/c
Dr.
360
Input SGST A/c
Dr.
360
To Mohan A/c
6,720
(Goods purchased)
Jan 07
Bank A/c
Dr.
10,000
To Cash A/c
10,000
(Opened Bank A/c)
Jan 10
Furniture A/c
Dr.
2,000
Input CGST A/c
Dr.
120
Input SGST A/c
Dr.
120
To Cash A/c
2,240
(Furniture purchased)
Jan 15
Cash A/c
Dr.
8,960
To Sales A/c
8,000
To Output CGST A/c
480
To Output SGST A/c
480
(Goods sold)
Jan 20
Ram 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)
Jan 25
Cash A/c
Dr.
2,800
To Sales A/c
2,500
To Output CGST A/c
150
To Output SGST A/c
150
(Goods sold)
Jan 27
Mohan’s A/c
Dr.
3,000
To Cash A/c
3,000
(Paid to Mohan on account)
Jan 28
Sales Return A/c
Dr.
500
Output CGST A/c
Dr.
30
Output SGST A/c
Dr.
30
To Ram’s A/c
560
(Goods returned by Ram)
Jan 31
Salary A/c
Dr.
9,000
To Cash
9,000
(Paid salaries)
Jan 31
Mohan’s A/c
Dr.
672
To Purchases Return A/c
600
To Input CGST A/c
36
To Input SGST A/c
36
(Returned 10% of the goods supplied by Mohan)

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