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Question 6 Chapter 5 – Unimax Publications of Class 11

Kuljeet Singh
Question 6 Chapter 5 – Unimax Publications of Class 11

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Question 6 Chapter 5 – Unimax Publications of Class 11

6.Journalise the following transactions in the books of Verma of Delhi:
(i) Paid Rs. 5,000 in cash as wages on installation of machinery.
(ii) Sold goods to Laxman of Delhi at the list price Rs. 20,000 less trade discount 10% add CGST and SGST@6% each, and allowed cash discount 5%. He paid the amount immediately.
(iii) Sold goods costing Rs. 60,000 to Sham of Kolkata issued invoice at 10% above cost less 5% Trade discount plus IGST 12%.
(iv) Goods valued at Rs. 2,500 distributed from stock as samples, as part of an advertising
campaign. These goods were purchased paying CGST and SGST @ 6% each.
(v) Ranjan , a customer, to whom goods were sold, was allowed rebate of Rs. 2,000 because they Were of poor quality. These goods were sold charging CGST and SGST@ 6% each.
(vi)Sold goods costing Rs. 1,00,000 to Vimal of Delhi at a profit of 25% on sales less 20% Trade Discount plus CGST and SGST@ 6% each and paid cartage Rs. 250 (Not to be charged from Customer).

The solution of Question 6 Chapter 5 – Unimax Publications of Class 11:

JOURNAL OF VERMA

DateParticulars L.F.DebitCredit
      
(i)Machinery A/c *Dr. 5,000 
 To Cash A/c   5,000
 (Being the wages paid on installation of a machinery)    
      
(ii)Cash A/c (WN 1)Dr. 19,152 
 Discount Allowed A/cDr. 1,008 
 To Sales A/c   18,000
 To Output CGST A/c   1,080
 To Output SGST A/c   1,080
 (Being the goods worth 20,000 sold, charged CGST and SGST 6% each, allowed 10% trade discount and 5% Cash discount)    
      
(iii) Sham A/cDr. 70,224 
 To Sales A/c   62,700
 To Output IGST A/c   7,524
 (Being the goods supplied of 66,000 (i.e., 60,000+ 10% Of 60,000 plus IGST 12%) allowed 5% trade discount (i.e., 66,000- 3,300))    
      
(iv)Advertisement A/cDr. 2,800 
 To Purchases A/c   2,500
 To Input CGST A/c   150
 To Input SGST A/c   150
 (Being the goods distributed as free samples, Input CGST and Input SGST reversed)    
      
(v)Rebate A/cDr. 2,000 
 Output CGST A/cDr. 120 
 Output SGST A/cDr. 120 
 To Ranjan A/c   2,240
 (Being the rebate allowed, Output CGST and SGST Reversed)    
      
(vi)Vimal A/cDr. 1,12,000 
 To Sales A/c   1,00,000
 To Output CGST A/c   6,000
 To Output SGST A/c   6,000
 (Being the goods sold on credit, charging CGST and SGST 6% each)    
      
 Cartage Outwards A/cDr. 250 
 To Cash A/c   250
 (Being the cartage paid)   

Note: Installation charge is a capital expenditure, thus, is debited to the Machinery Account not paid, it being wages paid, which is not subject to levy of GST.
Working Notes :

1. Sale of Goods to Laxman, Delhi :

Trade discount is not shown separately in the books of account.₹
List Price20,000
Less : Trade Discount @ 10%2,000
 18,000
Add: CGST @ 6%1,080
SGST @ 6%1,080
 20,160
Less : Cash Discount @ 5%1,008
Net Amount19,152

2. Calculation of Sales Price for Transaction (vi)

 ₹
Cost of Goods Sold1,00,000
Add: Profit (25%)25,000
 1,25,000
Less: Trade Discount (20%)25,000
Sale Value1,00,000

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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