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Standard VII
Mathematics
Cost Price and Selling Price
Shri S. K. Gu...
Question

Shri S. K. Gupta, Chandigarh commenced business on 1st April, 2018 with a capital of ₹ 1,20,000 of which ₹ 60,000 was paid into his Bank Account and ₹ 60,000 retained as cash . His other transactions during the month were as follows:
2018 ₹
April 2 Bought office furniture 20,000
April 5 Purchased goods 16,000
April 8 Purchased goods from Ramesh, Chandigarh 11,000
April 12 Sold goods to Sameer, Delhi 21,000
April 13 Purchased stationery for cash 1,800
April 13 Paid to Ramesh in cash* 10,000
Discount allowed by him* 1,000
April 17 Withdrawn cash for office use* 4,000
April 18 Sen of Chandigarh sold goods to S.K. Gupta 30,000
April 19 Cash received from Sameer* 20,000
Allowed him discount* 1,000
April 20 Sold to Raj Banwari, Delhi 40,000
April 28 Cash sales 1,400
April 30 Paid salary by cheque* 8,000
April 30 Paid rent by cheque 5,000
April 30 Paid telephone expenses by cheque 2,000
April 30 Paid cash into bank* 2,000

Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Journalise the above transactions and post them to the Ledger.

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Solution

Books of Shri S.K. Gupta Chandigarh
Journal
Date
Particulars
L.F.
Debit
Amount
(₹)
Credit
Amount
(₹)
2018
April 01
Bank A/c
Dr.
60,000
Cash A/c
Dr.
60,000
To Capital A/c
1,20,000
(Being business commenced and 50% cash deposited into bank)
April 02
Furniture A/c
Dr.
20,000
Input CGST A/c
Dr.
1,200
Input SGST A/c
Dr.
1,200
To Cash A/c
22,400
(Being furniture purchased plus 6% intra state GST)
April 08
Purchases A/c
Dr.
11,000
Input CGST A/c
Dr.
660
Input SGST A/c
Dr.
660
To Ramesh A/c
12,320
(Being goods purchased on credit plus 6% intra-sate GST)
April 12
Sameer
Dr.
23,520
To Sales A/c
21,000
To Output CGST A/c
1,260
To Output SGST A/c
1,260
(Being goods sold on credit plus 6% intra-state GST)
April 13
Stationery A/c
Dr.
1,800
Input CGST A/c
Dr.
108
Input SGST A/c
Dr.
108
To Cash A/c
2,016
(Being Stationery purchased plus 6% intra state GST)
April 13
Ramesh
Dr.
11,000
To Cash A/c
10,000
To Discount Received A/c
1,000
(Being cash paid and discount received)
April 17
Cash A/c
Dr.
4,000
To Bank A/c
4,000
(Being cash withdrawn from bank for office use)
April 18
Purchases A/c
Dr.
30,000
Input CGST A/c
Dr.
1,800
Input SGST A/c
Dr.
1,800
To Sen
33,600
(Being goods purchased on credit plus 6% intra-state GST)
April 19
Cash A/c
Dr.
20,000
Discount Allowed A/c
Dr.
1,000
To Sameer
21,000
(Being Cash received and discount allowed)
April 20
Raj Banwari
Dr.
44,800
To Sales A/c
40,000
To Output IGST A/c
4,800
(Being good sold plus 12% inter-state GST)
April 28
Cash A/c
Dr.
1,568
To Sales A/c
1,400
To Output CGST A/c
84
To Output SGST A/c
84
(Being goods sold in cash plus 6% intra-state GST)
April 30
Salary A/c
Dr.
8,000
To Bank A/c
8,000
(Being salary paid by cheque)
April 30
Rent A/c
Dr.
5,000
Input CGST A/c
Dr.
300
Input SGST A/c
Dr.
300
To Bank A/c
5,600
(Being rent paid with 6% intra-state GST)
April 30
Telephone expenses A/c
Dr.
2,000
Input CGST A/c
Dr.
120
Input SGST A/c
Dr.
120
To Bank A/c
2,240
(Being telephone expenses paid with 6% intra-state GST)
April 30
Bank A/c
Dr.
2,000
To Cash A/c
2,000
(Being cash deposited into bank account)
Ledger

Bank Account
Dr.
Cr.
Date
Particulars
Amount
(₹)
Date
Particulars
Amount
(₹)
2018
2018
April 01
To Capital A/c
60,000
April 17
By Cash A/c
4,000
April 30
To Cash A/c
2,000
April 30
By Salary A/c
8,000
April 30
By Rent A/c
5,000
April 30
By Input CGST
300
April 30
By Input SGST
300
April 30
By Telephone Exp.
2,000
April 30
By Input CGST
120
April 30
By Input SGST
120
April 30
By Balance c/d
42,160
62,000
62,000
Capital Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 30
To Balance c/d
1,20,000
April 01
By Bank A/c
60,000
April 01
By Cash A/c
60,000
1,20,000
1,20,000
Cash Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 01
To Capital A/c
60,000
April 02
By Furniture A/c
20,000
April 17
To Bank A/c
4,000
April 02
By Input CGST A/c
1,200
April 19
To Sameer
20,000
April 02
By Input SGST A/c
1,200
April 28
To Sales A/c
1,400
April 13
By Stationery A/c
1,800
April 28
To output CGST A/c
84
April 13
By Input CGST A/c
108
April 28
To output SGST A/c
84
April 13
By Input SGST A/c
108
April 13
By Ramesh
10,000
April 30
By Bank A/c
2,000
April 30
By Balance c/d
49,152
85,568
85,568
Furniture Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 02
To Cash A/c
20,000
April 30
By Balance c/d
20,000
20,000
20,000
Purchases Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 08
To Ramesh
11,000
April 30
By Balance c/d
41,000
April 18
To Sen
30,000
41,000
41,000
Sales Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 30
To Balance c/d
62,400
April 12
By Sameer
21,000
April 20
By Raj Banwari
40,000
April 28
By Cash A/c
1,400
62,400
62,400
Ramesh
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 13
To Cash
10,000
April 08
By Purchases
11,000
April 13
To Discount Received
1,000
April 08
By Input CGST
660
April 30
To Balance c/d
1,320
April 08
By Input SGST
660
12,320
12,320
Input CGST Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 02
 To Cash A/c
1,200
April 30
 By Balance c/d
4,188
April 08
 To Ramesh
660
April 13
 To Cash
108
April 18
 To Sen
1,800
April 30
 To Bank A/c
300
April 30
 To Bank A/c
120
4,188
4,188
Input SGST Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 02
 To Cash A/c
1,200
April 30
 By Balance c/d
4,188
April 08
 To Ramesh
660
April 13
 To Cash
108
April 18
 To Sen
1,800
April 30
 To Bank A/c
300
April 30
 To Bank A/c
120
4,188
4,188
Output CGST Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 30
 To Balance c/d
1,344
April 12
 By Sameer
1,260
April 28
 By Cash A/c
84
1,344
1,344
Output SGST Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 30 To Balance c/d
1,344
April 12
 By Sameer
1,260
April 28
 By Cash A/c
84
1,344
1,344
Sameer
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 12
 To Sales A/c
21,000
April 19
 By Cash A/c
20,000
April 12
 To Output CGST
1,260
April 19
 By Discount Allowed A/c
1,000
April 12
 To Output SGST
1,260
April 30
 By balance c/d
2,520
23,520
23,520
Stationery Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 13
 To Cash A/c
1,800
April 30
 By Balance c/d
1,800
1,800
1,800
Ramesh
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 13
 To Cash A/c
10,000
April 08
 By Purchases
11,000
April 13
 To Discount Received A/c
1,000
April 08
 By Input CGST
660
April 30 To Balance c/d
1,320
April 08
 By Input SGST
660
12,320
12,320
Discount Received Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 30
 To Balance c/d
1,000
April 13
 By Ramesh
1,000
1,000
1,000
Salary Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 30
 To Bank A/c
8,000
April 30
 By Balance c/d
8,000
8,000
8,000
Rent Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 30
 To Bank A/c
5,000
April 30
 By Balance c/d
5,000
5,000
5,000
Telephone Expenses Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 30
 To Bank A/c
2,000
April 30
 By Balance c/d
2,000
2,000
2,000
Output IGST Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 30
 To Balance c/d
4,800
April 20
 By Raj Banwari
4,800
4,800
4,800
Discount Allowed Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 19
 To Sameer
1,000
April 30
 By Balance c/d
1,000
1,000
1,000
Sen
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 30
 To Balance c/d
33,600
April 18
 By Purchases
30,000
April 18
 By Input CGST
1,800
April 18
 By Input SGST
1,800
33,600
33,600
Raj Banwari
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2018
2018
April 20
 To Sales A/c
40,000
April 30
 By Balance c/d
44,800
April 20
 To output IGST A/c
4,800
44,800
44,800
Trial Balance
As on 30th April 2018
S. No.
Particular
J.F.
Debit
Amount
(₹)
Credit
Amount
(₹)
1
 Cash
49,152
2
 Bank
42,160
3
 Capital
1,20,000
4
 Furniture
20,000
5
 Purchase
41,000
6
 Sales
62,400
7
 Ramesh
1,320
8
 Sameer
2,520
9
 Sen
33,600
10
 Raj Banwari
44,800
11
 Telephone expenses
2,000
12
 Stationery
1,800
13
 Salary
8,000
14
 Rent
5,000
15
 Discount Received
1,000
16
 Discount Allowed
1,000
17
 Input CGST
4,188
18
 Input SGST
4,188
19
 Output CGST
1,344
20
 Output SGST
1,344
21
 Output IGST
4,800
2,25,808
2,25,808

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2018 ₹
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Q. Shri S. K. Gupta, Chandigarh commenced business on 1st April, 2019 with a capital of ₹ 1,20,000 of which ₹ 60,000 was paid into his Bank Account and balance retained as cash. His other transactions during the month were as follows:
2019 ₹
April 2 Bought office furniture 20,000
April 5 Purchased goods 16,000
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Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Journalise the above transactions and post them to the Ledger.
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April 2 Bought goods from Gobind, Delhi 900
April 3 Sold goods to Sharma, Kanpur 1,000
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Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
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2018 ₹
April 1 Ramesh started business with cash 1,00,000
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Discount allowed by him 100
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April 1 Ramesh started business with cash 1,00,000
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