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Question

Manish sold goods to Kumar for ₹ 10,000 plus CGST and SGST @ 9% each. He received ₹ 1,800 in cash and drew on him a bill for ₹ 10,000 payable 3 months after date. Kumar accepted the bill and returned it to Manish. On due date, Manish presented the bill to Kumar who honoured it.
Pass Journal entries in the books of both the parties.

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Solution

Books of Manish

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

Kumar

Dr.

11,800

To Sales A/c
To Output CGST A/c
To Output SGST A/c

10,000
900
900

(Goods sold to Kumar plus CGST and SGST @ 9% each)

Bills Receivable A/c
Cash A/c

Dr.
Dr.

10,000
1,800

To Kumar

11,800

(Kumar accepted the bill and Paid GST in cash)

Cash A/c

Dr.

10,000

To Bills Receivable A/c

10,000

(Bill honoured on maturity)

Books of Kumar

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

Purchases A/c
Input CGST A/c
Input SGST A/c

Dr.
Dr.
Dr.

10,000
900
900

To Manish

11,800

(Goods bought from Manish plus CGST and SGST @ 9% each)

Manish

Dr.

11,800

To Bills Payable A/c
To Cash A/c

10,000
1,800

(Bill drawn by Manish accepted and GST paid in cash)

Bills Payable A/c

Dr.

10,000

To Cash A/c

10,000

(Acceptance discharged by paying in Cash)


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