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Question 12 Chapter 5 – Unimax Publications of Class 11
12. Pass entries in the books of Mandeep Rai of Punjab assuming CGST @ 9% and SGST @ 9%
2019
Oct. 1 Purchased goods for Rs. 7,50,000 from Prince of Haryana.
Oct. 3 Purchased goods for Rs. 75,000 from Hitesh of Punjab on cash.
Oct. 9 Sold goods Rs. 1,50,000 to Bhawna of Delhi to 10% T.D.
Oct. 10 Sold goods at Haryana Rs. 6,00,000 at 10% C.D.
Oct. 15 Paid for advertisement Rs. 15,000
Oct. 18 Purchased a computer for office use Rs. 60,000 and payment made by cheque
Oct. 20 Proprietor withdrew Rs. 30,000 for his personal use.
Oct. 25 Paid Salaries by cheque Rs. 30,000
Oct. 26 Paid electricity expenses Rs. 37,500
Oct. 27 Received commission Rs. 45,000
Oct. 28 Sold goods Rs. 1,50,000 for cash.
Oct. 29 Paid printing & stationery Rs. 15,000
Oct. 30 Payment made of balance amount of GST
The solution of Question 12 Chapter 5 – Unimax Publications of Class 11:
JOURNAL OF MANDEEP RAI
| Date | Particulars | L.F. | Debit | Credit | |
| 2019 | |||||
| Oct. 1 | Purchases A/c | Dr. | 7,50,000 | ||
| Input IGST A/c | Dr. | 1,35,000 | |||
| To Prince A/c | 8,85,000 | ||||
| (Being goods purchased outside the state) | |||||
| Oct.3 | Purchases A/c | Dr. | 75,000 | ||
| Input CGST A/c | Dr. | 6,750 | |||
| Input SGST A/c | Dr. | 6,750 | |||
| To Cash A/c | 88,500 | ||||
| (Being goods purchased inside the state) | |||||
| Oct. 9 | Bhawna A/c | Dr. | 1,59,300 | ||
| To Sales A/c | 1,35,000 | ||||
| To Output IGST A/c | 24,300 | ||||
| (Being goods sold outside the state) (WNI) | |||||
| Oct. 10 | Cash A/c | Dr. | 6,37,200 | ||
| Discount allowed A/c | Dr. | 70,800 | |||
| To Sales A/c | 6,00,000 | ||||
| To Output IGST A/c | 1,08,000 | ||||
| (Being good sold outside the state at C.D) (WNII) | |||||
| Oct. 15 | Advertisement A/c | Dr. | 15,000 | ||
| Input CGST A/c | Dr. | 1,350 | |||
| Input SGST A/c | Dr. | 1,350 | |||
| To Cash A/c | 17,700 | ||||
| (Being advertisement paid) | |||||
| Oct. 18 | Office equipment A/c | Dr. | 60,000 | ||
| Input CGST A/c | Dr. | 5,400 | |||
| Input SGST A/c | Dr. | 5,400 | |||
| To Bank A/c | 70,800 | ||||
| (Being computer purchased) | |||||
| Oct. 20 | Drawings A/c | Dr. | 30,000 | ||
| To Cash A/c | 30,000 | ||||
| (Being proprietor withdrew for personal use) | |||||
| Oct. 25 | Salaries A/c | Dr. | 30,000 | ||
| To Cash A/c | 30,000 | ||||
| (Being salaries paid) | |||||
| Oct. 26 | Electricity Expense A/c | Dr. | 37,500 | ||
| To Cash A/c | 37,500 | ||||
| (Being electricity bill paid) | |||||
| Oct. 27 | Cash A/c | Dr. | 53,100 | ||
| To Commission Received A/c | 45,000 | ||||
| To Output CGST A/c | 4,050 | ||||
| To Output SGST A/c | 4,050 | ||||
| (Being commission received) | |||||
| Oct. 28 | Cash A/c | Dr. | 1,77,000 | ||
| To Sales A/c | 1,50,000 | ||||
| To Output CGST A/c | 13,500 | ||||
| To Output SGST A/c | 13,500 | ||||
| (Being goods sold for cash) | |||||
| Oct. 29 | Printing and Stationary A/c | Dr. | 15,000 | ||
| Input CGST A/c | Dr. | 1,350 | |||
| Input SGST A/c | Dr. | 1,350 | |||
| To Cash A/c | 17,700 | ||||
| (Being printing& stationery paid) | |||||
| Oct. 30 | Output IGST A/c | Dr. | 1,32,300 | ||
| To Input IGST A/c | 1,32,300 | ||||
| (Being IGST adjusted) (WN III) | |||||
| Output CGST A/c | Dr. | 17,500 | |||
| To Input CGST A/c | 14,850 | ||||
| To Input IGST A/c | 2,700 | ||||
| (Being CGST adjusted) (WN IV) | |||||
| Output SGST A/c | 17,550 | ||||
| To Input SGST A/c | 14,850 | ||||
| To Bank A/c | 2,700 | ||||
| (Being SGST adjusted and payment of balance amount Paid) (WN V) | |||||
Working Notes:
| 1. | List price of goods Sold | 1,50,000 |
| Less: Trade discount@ 10% | 15,000 | |
| 1,35,000 | ||
| Add: IGST@ 18% | 24,300 | |
| 1,59,300 | ||
| 2. | List price of goods sold | 6,00,000 |
| Add: IGST@ 18% | 1,08,000 | |
| 7,08,000 | ||
| Less: C.D @ 10% | 70,800 | |
| 6,37,200 | ||
| 3. | First of all output IGST will be adjusted against Input IGST | |
| Input IGST | 1,35,000 | |
| Less Output IGST (i.e 24,300+1,08,000= 1,32,300) | 1,32,300 | |
| IGST credit | 2,700 | |
| 4. | This balance of Rs. 2,700 of 1GST credit will be first applied to set off CGST and the balance IF any will be applied to set off SGST | |
| Total Output CGST (Rs. 4,050+Rs. 13,500) | 17,550 | |
| Less: Input CGST (6,750+1,350 +5,400 +1,350) | 14,850 | |
| amount adjusted against IGST credit | 2,700 | |
| 5. | Total Output CGST (Rs. 4,050+Rs. 13,500) | 17,550 |
| Less: Total Input SGST (6,750+1,350 +5,400 +1,350) | 14,850 | |
| Balance paid off | 2,700 |
End of Solution
Check Out the Solution of all questions for this chapter:
The solutions to all questions of Chapter No. 5 – Goods and Services Tax (GST) : An Introduction Unimax – Class 11 are shown as follows, click on the image of the question to get the solution.
Question 5 Chapter 5 – Unimax Publications of Class 11
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1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax
UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy I Part 1 in Class 11. With their meticulously curated study material, students can access comprehensive solutions to all the questions included within each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 11 examinations.
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
- Chapter No. 15 – Financial Statements (Without Adjustments)
- Chapter No. 16 – Financial Statements (With Adjustments)
- Chapter No. 17 – Accounts from Incomplete Records – Single Entry System
2. Punjab School Education Board (PSEB) Solutions of Usha Publication.
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