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Question 4 Chapter 5 – Unimax Publications of Class 11

Kuljeet Singh
Question 4 Chapter 5 – Unimax Publications of Class 11

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Question 4 Chapter 5 – Unimax Publications of Class 11

4. Journalise the following transactions in the books of Harmeet Enterprises, Delhi:
(i) Purchased goods from Sarpreet & Co., Delhi of list price Rs.25,000 at 20% trade discount and 3% cash discount on value of goods. Paid CGST and SGST 6% each. Payment made immediately and availed cash discount.
(ii) Purchased goods from Kritika Agencies, Delhi of list price Rs.20,000 at 25% trade discount and 2% cash discount. Paid CGST and SGST@ 6% each. 50% of the payment was iimmediately.
(iii) Purchased goods from Angad & Sons, Delhi of list price Rs.50,000 at 20% trade discount and 3% cash discount. Paid CGST and SGST @ 6% each. 75% of the payment was made immediately by cheque.
(iv) Sold to Palak & Co., Chandigarh goods of list price Rs.40,000 at 15% trade discount and 3% cash discount on Value (Cost) of goods. Charged IGST@ 12%. Ramesh & Co. paid the full amount by cheque and availed cash discount.
(v) Sold to Ridhi & Co., Chennai goods costing Rs.10,000 at 25% profit, allowing 10%% trade discount and 2 ½ % cash discount. Charged IGST @ 12%. Rajat & Co. made 60% payment immediately.
(vi)Sold goods of list price Rs. 50,000 less 20% trade discount. Charged IGST @ 12%. Cash discount allowed@ 2% against cheque payment.

The solution of Question 4 Chapter 5 – Unimax Publications of Class 11:

JOURNAL

DateParticulars L.F.DebitCredit
      
(i)Purchases A/cDr. 20,000 
 Input CGST A/cDr. 1,200 
 Input SGST A/cDr. 1,200 
 To Cash/Bank A/c   21,800
 To Discount Received A/c   600
  (Being the purchases of goods and payment made against 3% cash discount)    
      
(ii)Purchases A/cDr. 15,000 
 Input IGST A/cDr. 900 
 Input SGST A/cDr. 900 
 To Cash/Bank A/c   8,232
 To Kritika Agencies, Delhi A/c   8,400
 To Discount Received A/c   168
 (Being the purchases of goods, 50% payment made Immediately and availed 2% cash discount)    
      
(iii)Purchases A/cDr. 40,000 
 Input IGST A/cDr. 2,400 
 Input SGST A/cDr. 2,400 
 To Bank A/c   32,592
 To Angad& Sons, Delhi A/c   11,200
 To Discount Received A/c   1,008
 (Being the goods purchased, 75% payment made by cheque And availed 3% cash discount)    
      
(iv)Bank A/cDr. 37,060 
 Discount Allowed A/cDr. 1,020 
 To Sales A/c   34,000
 To Output IGST A/c   4,080
 (Being the goods sold against cheque allowing 3% cash Discount)    
      
(v)Cash A/cDr. 7,371 
 Ridhi& Co., Chennai A/cDr. 5,040 
 Discount Allowed A/cDr. 186 
 To Sales A/c   11,250
 To Output IGST A/c   1,350
 (Being the goods sold costing 10,000 at 25% profit less 10% trade discount, allowed cash discount of 2% on 60%Payment)    
      
(vi)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 against cheque allowing 2% cash Discount)   

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

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.

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.

Usha-Publication-class-11-min
Usha – Elements of Book-Keeping PSEB Class 11 Accounts- Solution

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