Question 3 Chapter 5 – Unimax Publications of Class 11

Question 3 Chapter 5 – Unimax Publications of Class 11


Question 3 Chapter 5 – Unimax Publications of Class 11

3.Pass the Journal entries for the following transactions
(i) Purchased goods from Sanjiv of Rs.40,000 plus IGST@12% at 10% Trade Discount Cash Discount. Paid amount at the time of purchase itself.
(ii) Purchased goods from Vijay Rs.40,000 plus IGST @ 12% at 10% Trade Discount and Cash Discount. Half of the amount paid at the time of purchase.
(iii) Sold goods to Anil for Rs. 20,000 plus CGST and SGST @6% each, allowed him 10% T ddiscount and 3% Cash Discount. Received half of the amount by cash and balance Cheque within agreed time.
(iv) Sold goods to Ajay for Rs.50,000 plus CGST and SGST @ 6% each at 10% Trade Discount and 2% Cash discount. Half of the amount received by cheque within specified time.
(v) Sold goods costing Rs. 40,000 to Anil against a current dated cheque at a profit of 25% cost less 20% trade discount plus IGST12%. Cash discount is allowed@2%.

The solution of Question 3 Chapter 5 – Unimax Publications of Class 11:


DateParticulars L.F.DebitCredit
(i)Purchases A/cDr. 36,000 
 Input IGST A/cDr. 4,320 
 To Cash/Bank A/c   39,514
 To Discount Received A/c [2%( 36,000+ 4,320)]   806
 (Being the goods purchased, paid IGST12% at 10% Trade Discount and 2% Cash Discount)    
(ii)Purchases A/cDr. 36,000 
 Input IGST A/cDr. 4,320 
 To Vijay A/c   20,160
 To Cash/Bank A/c   19,555
 To Discount Received A/c [2%( 36,000+ 4,320)]   605
 (Being the goods purchased, paid IGST @ 12% at 10% 605 Trade Discount and 3% Cash Discount, half of the amount Paid)    
iiiCash A/cDr. 9,778 
 Bank A/cDr. 9,777 
 Discount Allowed A/cDr. 605 
 To Sales A/c   18,000
 To Output CGST A/c   1,080
 To Output CGST A/c   1,080
 (Being the goods sold, charged CGST and SGST 6% 1,080 Each. Half the amount received in cash and balance by Cheque, allowed Trade Discount10% and Cash Discount 3%)    
(iv)Ajay A/cDr. 25,200 
 Bank A/cDr. 24,696 
 Discount Allowed A/cDr. 504 
 To Sales A/c   45,000
 To Output CGST A/c   2,700
 To Output SGST A/c   2,700
 (Being the goods sold, charged CGST and SGST 6% Each. Allowed Trade Discount 10% and Cash Discount 2%. Half the amount received)    
(v)Bank A/cDr. 43,904 
 Discount Allowed A/cDr. 896 
 To Sales A/c   40,000
 To Output IGST A/c   4,800
 (Being the goods sold by cheque, charging IGST 12%)   

Working Notes:

Calculation of Trade Discount and Cash Discount

(i)Cost  40,000
 Less: Trade Discount 10%  4,000
 Add: 1GST 12%  4,320
 Invoice Price  40,320
 Less: Cash Discount 2%  806
(ii)Cost   40,000
 Less: Trade Discount 10%  4,000
 Add: 1GST 12%  4,320
 Credit Transaction  20,160
 Cash Transaction  20,160
 Less: Cash Discount 3%  605
(iii)Sale Value (Gross)  20,000
 Less: Trade Discount 10%  2,000
 Add: CGST 6 %  1,080
 SGST 6%  1,080
 By cheque10,800 10,080
 Less: Cash Discount 2%303 302
  9,777 9,778
(iv)Sale Value (Gross)  50,000
 Less: Trade Discount 10%  5,000
 Add: CGST 6 %  2,700
 SGST 6%  2,700
 Cash transaction  50,400
 Less: Cash Discount 2%  25,200
 Credit transaction  504
(v)Cost  40,000
 Add: Profit 25% on Cost  10,000
 Less: Trade Discount 20%  10,000
 Invoice Price   40,000
 Add: IGST@ 12%  4,800
 Total Invoice Value  44,800
 Less: Cash Discount 2%  896
 Net Amount Received  43,904

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.

1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax 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.

2. Punjab School Education Board (PSEB) Solutions of Usha Publication.

If you’re a student enrolled in the Punjab School Education Board Class 11, it’s essential to explore a wide range of books to cover the syllabus thoroughly. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to a variety of writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.


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