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Question

(Transfer Entries). Give the Journal entries for the following:
(i) Gross Profit of ₹ 32,000 from Trading Account to Profit and Loss Account.
(ii) Net Profit of ₹ 14,500 to Capital Account of Sri Sankar Saha. 
(iii) Sri Sankar Saha draws ₹ 10,000 from his Capital Account.
(iv) Purchases Return of ₹ 7,000 plus IGST @ 12%.
(v) Sales Return of ​₹ 6,000 plus CGST and SGST @ 6% each.


Solution

Journal
Date
Particulars
L.F.
Debit
Amount
(Rs)
Credit
Amount
(Rs)
(i)
Trading A/c
Dr.
 
32,000
 
 
  To Profit & Loss A/c
 
 
 
32,000
 
(Transfer of gross profit to Profit &Loss A/c)
 
 
 
 
 
 
 
 
 
 
(ii)
Profit & Loss A/c
Dr.
 
14,500
 
 
  To Sri Sankar Saha’s Capital A/c
 
 
 
14,500
 
(Transfer of net profit to Capital A/c)
 
 
 
 
 
 
 
 
 
 
(iii)
Sri Sankar Saha’s Capital A/c Dr.  
10,000
 
 
  To Drawings A/c
 
 
 
10,000
 
(Withdrawals from capital)
 
 
 
 
 
 
 
 
 
 
(iv)
Cash A/c
Dr.
 
7,840
 
 
  To Purchases Return A/c
 
 
 
7,000
 
  To Input IGST A/c
 
 
 
840
 
(Goods returned by us)
 
 
 
 
 
 
 
 
 
 
(v)
Sales Return A/c
Dr.
 
6,000
 
 
Output CGST A/c
Dr.
 
360
 
 
Output SGST A/c
Dr.
 
360
 
 
  To Cash A/c
 
 
 
6,720
 
(Goods returned by customers)
 
 
 
 

Accountancy
T.S. Grewal (2019)
All

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