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Question 11 Chapter 5 – Unimax Publications of Class 11
11. Enter the following transactions in the books of Shriya Traders. Assume CGST @ 9%
May 1 Purchased goods for Rs. 9,00,000 from Abhi at 20% .
May 10 Sold goods Rs. 4,50,000 on cash.
May 20 Paid for advertisement Rs. 45,000 by cheque.
May 22 Sold goods for Rs. 1,50,000 and received a cheque.
May 25 Received commission Rs. 15,000
May 28 Purchased goods Rs. 1,50,000 C.D. @ 20%.
May 31 Payment made of balance amount of GST.
The solution of Question 11 Chapter 5 – Unimax Publications of Class 11:
JOURNAL OF SHRIYA TRADER
| Date | Particulars | L.F. | Debit | Credit | |
| 2020 | |||||
| May 1 | Purchases A/c | Dr. | 7,20,000 | ||
| Input CGST A/c | Dr. | 64,800 | |||
| Input SGST A/c | Dr. | 64,800 | |||
| To Abhi A/c | 8,49,600 | ||||
| (Being goods purchased from Abhi) (WNI) | |||||
| May 10 | Cash A/c | Dr. | 5,31,000 | ||
| To Sales A/c | 4,50,000 | ||||
| To Output CGST A/c | 40,500 | ||||
| To Output SGST A/c | 40,500 | ||||
| (Being goods sold for cash) | |||||
| May 20 | Advertisement A/c | Dr. | 45,000 | ||
| Input CGST | Dr. | 4,050 | |||
| Input SGST A/c | Dr. | 4,050 | |||
| To Bank A/c | 53,100 | ||||
| (Being advertisement paid by cheque) | |||||
| May 22 | Bank A/c | Dr. | 1,77,000 | ||
| To Bank A/c | 1,50,000 | ||||
| To Output CGST A/c | 13,500 | ||||
| To Output SGST A/c | 13,500 | ||||
| (Being goods sold by cheque) | |||||
| May 25 | Cash A/c | Dr. | 17,700 | ||
| To Commission A/c | 15,000 | ||||
| To Output CGST A/c | 1,350 | ||||
| To Output SGST A/c | 1,350 | ||||
| (Being commission received) | |||||
| May 20 | Purchases A/c | Dr. | 1,50,000 | ||
| Input CGST A/c | Dr. | 13,500 | |||
| Input SGST A/c | Dr. | 13,500 | |||
| To cash A/c | 1,41,600 | ||||
| To Discount received A/c | 35,400 | ||||
| (Being goods purchased at C.D) (WN II) | |||||
| May 20 | Output CGST A/c | Dr. | 55,350 | ||
| Output SGST A/c | Dr. | 55,350 | |||
| To Input CGST A/c | 55,350 | ||||
| To Input SGST A/c | 55,350 | ||||
| (Being G.S.T Adjusted) | |||||
Working Notes:
| 1. | List price of goods purchased | 9,00,000 |
| Less: Trade discount @20% | 1,80,000 | |
| 7,20,000 | ||
| Add: CGST@ 9% | 64,800 | |
| SGST@9% | 64,800 | |
| 8,49,600 | ||
| 2. | List price of goods purchased | 1,50,000 |
| Add: CGST@ 9% | 13,500 | |
| SGST@9% | 13,500 | |
| 1,77,000 | ||
| Less: Cash discount@ 20% | 35,400 | |
| 1,41,600 | ||
| 3. | Total Input CGST = Rs. 64,800+74,050 + 13,500 = Rs. 82,350 | |
| Total Input SGST = Rs. 64,800+ 4,050+ 13,500 = Rs. 82,350 | ||
| Total Output CGST = Rs. 40,500 + 13,500 + 1,350 = Rs. 55,350 | ||
| Total Output SGST = Rs. 40,500 + 13,500 + 1,3350 = Rs. 55,350 |
Note: Since Input GST is more than Output GST, there is no tax liability to be paid to the Government. Excess of Input GST is called Input Tax credit. It will be carried forward and will be adjusted in the next year.
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 4 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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