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Profit and Loss Percent

Prepare Sales...

Question

Prepare Sales Return Book of Shiv Shankar, Delhi from the following transactions and post them into Ledger:

2019

Feb. 10 Rama Stores, Delhi returned:

2 Televisions Sony sold @ ₹ 20,000 each plus CGST and SGST @ 9% each

Feb. 20 Sohan Singh & Co. Dehradun returned:

3 Washing Machines Videocon sold @ ₹ 10,000 each plus IGST @ 18%

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Solution

Sales Return Book of Shiv Shankar, Delhi

Date

Particulars

Credit Note No.

L.F.

Details

(₹)

Sales Value

(₹)
Output CGST
(₹) Output SGST
(₹) Output IGST
(₹) Total
(₹)

2019

Feb.10

Rama Stores, Delhi

2 Television Sony sold @ Rs. 20,000 each

40,000

Add: 9% CGST 3,600

9% SGST 3,600

47,200

40,000
3,600 3,600 - 47,200

Feb.20

Sohan Singh & Co., Dehradun

3 Washing Machines Videocon sold @ Rs. 10,000 each 30,000

Add: 18% IGST 5,400

35,400

30,000
- - 5,400 35,400

Feb. 28

70,000
3,600 3,600 5,400 82,600

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Q. Prepare Sales Return Book of Shiv Shankar, Delhi from the following transactions and post them into Ledger:

2018
Feb. 10	Rama Stores Delhi returned:
	2 Televisions Sony sold @ ₹ 20,000 each plus CGST and SGST @ 9% each
Feb. 20	Sohan Singh & Co. Dehradun returned:
	3 Washing Machines Videocon sold @ ₹ 10,000 each plus IGST @ 18%

Q. Record the following transactions in the Purchases Return Book of Kamla Stores, Delhi for April, 2019:

2019
April 6	Returned goods to Ramesh Brothers, Delhi purchased for ₹ 5,000 plus CGST and SGST @ 6% each
April 8	Returned goods to Sohan Brothers, Meerut purchased for ₹ 10,000 plus IGST @ 12%
April 17	Returned goods to Mahesh Brothers of ₹ 2,000 plus CGST and SGST @ 6% each

Q. Record following transactions in the Purchases Return Book of Kamla Stores for June 2017:

2018
June 6	Returned goods to Ramesh Brothers, Delhi purchased for ₹ 5,000 plus CGST and SGST @ 6% each
June 8	Returned goods to Sohan Brothers, Meerut purchased for ₹ 10,000 plus IGST @ 12%
June 17	Returned goods to Mahesh Brothers of ₹ 2,000 plus CGST and SGST @ 6% each

Q. Prepare Purchases Return Book of Aruna Stores, Kolkata from the following transactions and post them into Ledger:

2019
Jan. 10	Returned to Sohan & Sons, Kolkata:
	10 Rohtas fans 36'' @ ₹ 1,250 each
	Trade Discount 10%
	CGST and SGST was paid @ 6% each
Jan. 25	Returned to Ram & Co., Delhi:
	25 Tubelights @ ₹ 200 each
	IGST was paid @ 12%

Q. 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.

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