Question

Pass Journal entries in the books of Puneet, Delhi for the following:
(i) Received an order from Karan & Co. for supply of goods of ₹ 50,000.
(ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance.
(iii) Paid to staff ₹ 40,000 against outstanding salary of ₹ 60,000.
(iv) Sold goods to Bharat, Kaithal (Haryana) of ₹ 10,000 plus IGST @ 12% out of which 1/5th were returned being defective.
(v) Cheque of ₹ 20,000 issued by Feroz was dishonoured.
(vi) Received 40 paise in a rupee from Feroz against the above dues.
(vii) Received a cheque of ₹ 25,000 from Mohan after banking hours.
(viii) Purchased goods from Barun of Chandigarh of ₹ 10,000 plus IGST @ 12% and sold them to Arun of Shimla (HP) at ₹ 22,400, including IGST @ 12%.
(ix) Arun returned goods of ₹ 6,720, including IGST which were returned to Barun.
(x) ABC & Co. purchased 10 TV sets @ ₹ 20,000 per set and paid IGST @ 12%. It sold all the sets @ ₹ 25,000 per set plus CGST and SGST @ 6% each.
(xi) Paid insurance of ₹ 12,000 plus CGST and SGST @ 6% each for a period of one year.
(xii) Sold personal car for ₹ 1,00,000 and invested the amount in the firm.
(xiii) Goods costing ₹ 1,00,000 were destroyed in fire. Insurance company admitted the claim for ₹ 75,000. These goods were purchased within Delhi.
(xiv) Purchased machinery for ₹ 56,000 including IGST of ₹ 6,000 and paid cartage thereon ₹ 5,000 and installation charges ₹ 10,000.
(xv) Goods costing ₹ 40,000 sold to Mr. X at a profit of 20% on sales less 10% Trade Discount plus CGST and SGST @ 6% each and received a cheque under 2% cash discount.
(xvi) Purchased machinery from New Machinery House for ₹ 50,000 and paid it by means of a bank draft purchased from bank. Paid charges ​₹ 500.

Answer 1

Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
(i)	No Entry
(ii)	Cash A/c	Dr.		25,000
	To Advance from Ak & Co.				25,000
	(Advance received for order)
(iii)	Outstanding Salary A/c	Dr.		40,000
	To Cash A/c				40,000
	(Payment of outstanding salaries)
(iv)	Bharat’s A/c	Dr.		11,200
	To Sales A/c				10,000
	To Output IGST A/c				1,200
	(Goods sold)
	Sales Return A/c	Dr.		2,000
	Output IGST A/c	Dr.		240
	To Bharat’s A/c				2,240
	(1/5th goods returned by Bharat)
(v)	Feroz’s A/c	Dr.		20,000
	To Bank A/c				20,000
	(Cheque issued by Feroz dishonoured)
(vi)	Cash A/c	Dr.		8,000
	Bad Debts A/c	Dr.		12,000
	To Feroz’s A/c				20,000
	(Received 40 paise in a rupee as full and final settlement from Feroz)
(vii)	Cheque in Hand A/c	Dr.		25,000
	To Mohan’s A/c				25,000
	(Received cheque from Mohan)
(viii)	Purchases A/c	Dr.		10,000
	Input IGST A/c	Dr.		1,200
	To Barun’s A/c				11,200
	(Goods purchased)
	Arun’s A/c	Dr.		22,400
	To Sales A/c				20,000
	To Output IGST A/c				2,400
	(Goods sold)
(ix)	Sales Return A/c	Dr.		6,000
	Output IGST A/c	Dr.		720
	To Arun’s A/c				6,720
	(Goods returned by Arun)
	Barun’s A/c	Dr.		6,720
	To Purchases Return A/c				6,000
	To Input IGST A/c				720
	(Goods returned to Barun)
(x)	TV A/c	Dr.		2,00,000
	Input IGST A/c	Dr.		24,000
	To Cash A/c				2,24,000
	(TV purchased)
	Cash A/c	Dr.		2,80,000
	To TV A/c				2,00,000
	To Profit on Sale of TV A/c				50,000
	To Output CGST A/c				15,000
	To Output SGST A/c				15,000
	(TV sold)
(xi)	Insurance A/c	Dr.		12,000
	Input CGST A/c	Dr.		720
	Input SGST A/c	Dr.		720
	To Cash A/c				13,440
	(Paid insurance)
(xii)	Cash A/c	Dr.		1,00,000
	To Capital A/c				1,00,000
	(Sold personal car and invested the proceeds into business)
(xiii)	Insurance Company A/c	Dr.		1,12,000
	To Purchases A/c				1,00,000
	To Input CGST A/c				6,000
	To Input SGST A/c				6,000
	(Claim lodged with insurance company, including CGST and SGST)
	Bank A/c	Dr.		75,000
	Loss of Stock by Fire A/c	Dr.		37,000
	To Insurance Company A/c				1,12,000
(xiv)	Machinery A/c	Dr.		65,000
	Input IGST A/c	Dr.		6,000
	To Cash A/c				71,000
	(Purchased machinery)
(xv)	Bank A/c	Dr.		47,416
	Discount Allowed A/c	Dr.		968
	To Sales A/c				43,200
	To Output CGST A/c				2,592
	To Output SGST A/c				2,592
	(Goods sold @ 10% trade discount, 2% cash discount)
(xvi)	Machinery A/c	Dr.		50,000
	Bank Charges A/c	Dr.		500
	To Bank A/c				50,500
	(Purchased machinery and paid by band draft)