JOURNALIZE THE FOLLOWING TRANSACTIONS IN THE BOOKS OF HARBHAJAN & CO. FOR THE MONTH OF 1ST APRIL 2019
Balance on 1st April 2019
Cash in Hand Rs.35,000, Cash at Bank Rs.25,000, Furniture Rs.1,50,000, Laptop Rs.1,00,000,
Debtors: Sangita Rs.40,000, Viru Rs.30,000.
2019
Creditors: Ganesh Rs.10,000, Garima Rs.40,000, Bank Loan Rs.50,000.
April 1. Purchased goods from Ajay Kumar worth Rs.2,50,000 at 10% Trade Discount @18% GST and paid 1/4 amount in Cash.
5. Purchased Shares of Infosysis Company Rs.50,000 and Rs.500 paid as brokerage by Demat A/c.
8. Sold goods to Raj worth Rs.90,000 at 10% Trade Discount and 1/3 amount received by cash and 5% cash discount is allowed.
12. Paid house rent of proprietor Rs.9,000 and office rent Rs.5,000.
15. Purchased Laptop of Rs.60,000 @18% GST and paid by cheque.
20. Paid transport charges on the above Laptop Rs.1,000 @18% GST.
25. Paid Commission Rs.20,000 to Ram.
26. Paid Telephone Charges Rs.1,000.
28. Transferred from private Bank A/c of proprietor to Business Bank A/c Rs.40,000 by cheque.
30. Exchanged our Furniture of Rs.30,000 against a Motor car of the same value for business.
In the books of Harbhajan & Co. for the month of 1st April 2019.
DATE | PARTICULAR | L/F | DEBIT | CREDIT |
2019 April 1 | Cash in hand A/c Dr. |
| 35,000 | |
1 | Purchase A/c Dr. |
| 2,25,000 | |
5 | Share A/c Dr. |
| 50,000 | |
8 | Raj A/c Dr. |
| 27,000 | |
|
|
|
|
|
12 | Drawing A/c Dr. |
| 9,000 | |
15 | Laptop A/c Dr. |
| 60,000 | |
20 | Transport Charges A/c Dr. |
| 1,000 | |
25 | Commission A/c Dr. |
| 20,000 | |
26 | Telephone Charges A/c Dr. |
| 1,000 | |
28 | Bank A/c Dr. |
| 40,000 | |
30 | Purchase A/c Dr. |
| 1,50,000 | |
30 | Motor Car A/c Dr. |
| 30,000 | |
Explanatory notes:
28. Transferred from private Bank A/c of proprietor to business Bank A/c Rs.40,000.
The above Transaction is Cash are transferred from proprietor personal bank account to the Business current account which means business Bank account is receiving the Cash therefore Bank account is debited to Debit Side. On Credit Side Capital account because the proprietor transferred Cash to the business Bank from his own bank account which means proprietor introducing the Cash into the business.
30. Exchanged our Furniture of Rs.30,000 against a Motor car of the same value for business.
Motor car is purchased in term of exchanging of Furniture at same price non of amount is paid in this transaction. On Debit Side Motor car account because Motor car is an Asset for the business therefore by real account formula Debit what comes in. And On Credit Side Furniture account because Furniture is going out from the business by real account formula Credit what goes out.
1. Purchased goods from Ajay Kumar worth Rs.2,50,000 at 10% Trade Discount @18% GST and paid 1/4 amount in Cash Calculation:
10% T.D - 2,50,000 *10/100 = 25,000
GST 18% - 2,25,000 *18/100 = 40,500
CGST 9% - 2,25,000 *9/100 = 20,250
SGST 9% - 2,25,000 *9/100 = 20,250
1/4 by Cash - 2,65,500/4 = 66,375
8. Sold goods to Raj worth Rs.90,000 at 10% Trade Discount and 1/3 amount received by cash and 5% cash discount is allowed Calculation:
10% T.D. - 90,000 *10/100 = 9,000
5% C.D. - 81,000 *5/1000 = 4,050
1/3 by Cash - 76,950/3 = 25,650
15. Purchased Laptop of Rs.60,000 @18% GST and paid by cheque Calculation:
GST 18% - 60,000 *18/100 = 10,800
CGST 9% - 60,000 *9/100 = 5,400
SGST 9% - 60,000 *9/100 = 5,400
20. Paid transport charges on the above Laptop Rs.1,000 @18% GST Calculation:
GST 18% - 1,000 *18/100 = 180
CGST 9% - 60,000 *9/100 = 5,400
SGST 9% - 60,000 *9/100 = 5,400
30. Exchanged our Furniture of Rs.30,000 against a Motor car of the same value for business Calculation:
GST 12% - 1,50,000 *12/100 = 18,000
CGST 6% - 1,50,000 *6/100 = 9,000
SGST 6% - 1,50,000 *6/100 = 9,000
3 Gold Rule of Accounting.
Personal Account: 1. Debit the Receiver.
2. Credit The Giver.
Real Account: 1. Debit What Comes In.
2. Credit What Goes Out.
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