Account 6 Marks Question

On 1st April, 2019, the following were Ledger balances of M/s. Ram & Co., Delhi:
Cash in Hand ₹ 300; Cash at Bank ₹ 7,000; Bills Payable ₹ 1,000; Zahir (Dr.) ₹ 800; Stock ₹ 4,000; Gobind (Cr.) ₹ 2,000; Sharma (Dr.) ₹ 1,500; Rahul (Cr.) ₹ 900; Capital ₹ 9,700.
Transactions during the month of April, 2019 were:

2019		₹
April 2	Bought goods from Gobind, Delhi	900
April 3	Sold goods to Sharma, Kanpur	1,000
April 5	Bought goods from Rahul, Delhi	1,200
April 8	Sold goods to Zahir, Kolkata	500
April 15	Paid Gobind by cheque on account*	1,500
April 18	Received from Sharma a cheque of	2,000
	Allowed him discount*	50
April 20	Sold goods to Sharma, Kanpur	800
April 20	Paid rent by cheque	200
April 25	Sold goods to Zahir, Kolkata	1,000
April 30	Paid salaries in cash*	300

Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Post the above transactions to the Ledger and prepare the Trial Balance on 30th April, 2019.

On 1st April, 2019, Mohit, Delhi started business with a capital of ₹ 50,000. He made the following transactions during the month of April:

2019		₹
April 3	Purchased goods from Rita, Delhi on credit for	20,000
April 4	Cash paid to Rita	10,000
April 6	Goods sold to Rohit, Chandigarh	25,000
April 8	Received cash from Rohit	20,000
April 12	Goods purchased from Rita	12,000
April 18	Cash paid to Rita	20,000
April 25	Goods sold to Rohit, Chandigarh	10,000
April 30	Received cash from Rohit	6,000

You are required to journalise the above transactions and show the respective Ledger accounts.

Following balances appeared in the books of Ashok, Delhi on 1st April, 2019:
Assets: Cash ₹ 50,000; Stock ₹ 30,000; Debtors−Ram ₹ 50,000; Machinery ₹ 60,000.
Liabilities: Creditor−Rajesh ₹ 30,000.
The following transactions took place in April, 2019:

2019		₹
April 4	Sold goods for cash	7,000
April 6	Goods returned by Ram, Delhi	1,000
April 10	Purchased goods from Rajesh, Jaipur (Rajasthan) of list price ₹ 10,000 for	9,000
April 15	Bought goods of list price of ₹ 15,000 from Rakesh, Kolkata less 10% trade discount and 5% cash discount and paid 40% of amount immediately.
April 20	Paid to Rajesh in full settlement of his account*	38,600
April 25	Paid for the life insurance premium of the proprietor*	500
April 30	Received commission (Including CGST and SGST @ 6% each)	2,000

CGST and SGST @ 6% each is levied on intra-state transactions and IGST is levied @ 12% on inter-state transactions. Transactions marked with (*) are not subject to levy of GST.
Pass Journal entries for the above transaction, post them into the Ledger and prepare the Trial Balance on 30th April, 2019.

Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger:

2019		₹
Jan 1	Started business with cash	1,00,000
Jan 3	Bought goods on credit from Gupta & Co., Delhi	20,000
Jan 5	Cash sales	5,000
Jan 8	Cash purchases	8,000
Jan 10	Sold goods to Ahmed & Co., Lucknow	10,000
Jan 11	Deposited cash in bank	50,000
Jan 13	Purchased a computer for office	20,000
Jan 15	Took a loan from Mehboob	70,000
Jan 16	Goods returned by Ahmed & Co.	2,000
Jan 17	Purchased furniture from Mehfil Mart, Kolkata	10,000
Jan 18	Paid interest to Mehboob	2,000
Jan 19	Received claim from Ahmed & Co. for defects in goods supplied to them. Claim was accepted and rebate was allowed	1,000
Jan 22	Paid rent by cheque	2,000
Jan 24	Withdrew from bank	20,000
Jan 25	Sales of goods at counter after allowing trade discount of 10%	10,000
Jan 26	Goods purchased from Gupta & Co., Delhi were destroyed by accident	10,000
Jan 27	Advertisement expenses paid through bank	5,000
Jan 28	Ahmed & Co. settled their account by cheque	7,000
Jan 29	Paid the due amount to Gupta & Co. by cheque after availing discount of ₹ 800
Jan 31	Sold old newspapers	500

Journalise the following transactions in the books of Shri Manoj, Kolkata and prepare Ledger Accounts.
Opening Debit Balances:
Cash in Hand ₹ 15,000; Cash at Bank ₹ 55,000; Stock ₹ 28,000; Debtors ₹ 25,000 (Sunil ₹ 5,000; Abhay ₹ 10,000 and Alok ​₹ 10,000); Fixed Assets: Computer and Printer ₹ 50,000; Furniture ₹ 10,000; Delivery Van ₹ 25,000.
Opening Credit Balances:
Bank Loan ₹ 90,000; Salaries Outstanding ₹ 15,000; Creditors ₹ 20,000; Bills Payable ₹ 10,000; Capital ₹ 73,000.
Transactions for the month of April, 2019 were:

1. Purchased goods from M/s Prabhat Electricals, Delhi ₹ 10,000 less 10% Trade Discount.

Cheque was issued immediately and availed 2% Cash Discount on purchase price.

2. Cheque was received from Abhay for the balance allowing him discount of 2%*.
3. Cheque was received from Alok for the balance due*.
4. Sunil was unable to pay the full dues and offered to pay 75%, which was accepted. Cheque was duly received*.
5. Gave goods costing ₹ 1,000 as charity. These goods were purchased in Kolkata.
6. In a competition held by the RWA where the shop is located an electric iron costing ₹ 500 was given as an award. It had been purchased from Prabhat Electricals, Delhi.
7. A debt of ₹ 10,000 that was written off as bad debt in the past was received*.
8. Salaries amounting to ₹ 15,000 provided in the books for the month of March, 2019 were paid through cheque*.
9. Sales for the month were: Cash Sales ₹ 15,00,000 (Intra-state) and Credit Sales ₹ 3,00,000 (Inter-state).
10. Purchases for the month were: Cash Purchases ₹ 1,00,000 (Intra-state) and Credit

Purchases (Inter-state) ₹ 9,00,000.

Cheques Received from Debtors ₹ 2,00,000; Deposited Cash ₹ 15,00,000.

11. Paid to creditors through cheques ₹ 8,90,000*.
12. Bank Loan repaid during the month ₹ 20,000*.

Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).

Pass Journal entries of M/s Bhanu Traders, Delhi from the following transactions. Post them to the Ledger:

2019		₹
April 1	Commenced business with cash	1,50,000
April 2	Opened a bank account with PNB	50,000
April 3	Purchased furniture	20,000
April 7	Bought goods for cash from M/s. Rupa Traders, Delhi	30,000
April 8	Purchased goods from M/s. Hema Traders, Chandigarh	42,000
April 10	Cash sales	30,000
April 14	Sold goods on credit to M/s. Gupta Traders, Kolkata	12,000
April 16	Rent paid	4,000
April 18	Paid Electricity expenses	1,000
April 20	Received cash from Gupta Traders	12,000
April 22	Goods returned to Hema Traders	2,000
April 23	Cash paid to Hema Traders	40,000
April 25	Bought postage stamps	100
April 30	Paid salary to Mohan	4,000

You are to open the books of Rajesh Prabhu, Gurugram (Haryana) a trader, through the Journal to record the assets and liabilities and then post the transactions to the Ledger for the month of April, 2019.
Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).

Journalise the following transactions in the Journal of M/s. Gupta Brothers (Prop. Shri R. K. Gupta), Delhi and post them to the Ledger:

2019		₹
March 1	Started business with cash	2,00,000
March 2	Opened bank account with SBI	80,000
March 4	Goods purchased from Raj, Jaipur (Rajasthan)	22,000
March 5	Goods purchased for cash	30,000
March 8	Goods sold to Naman, Delhi	12,000
March 10	Cash paid to Raj	22,000
March 15	Cash received from Naman	11,700
	Discount allowed	300
March 16	Paid wages	200
March 18	Furniture purchased for office use	5,000
March 20	Withdrawn from bank for personal use	4,000
March 22	Issued cheque for rent	3,000
March 23	Goods taken for household purpose. These goods were purchased from Raj	2,000
March 24	Drawn cash from bank for office use	6,000
March 26	Commission received	1,000
March 27	Bank charges	300
March 28	Cheque issued for life insurance premium of Proprietor	3,000
March 29	Paid salary	10,000
March 30	Cash sales	20,000

Suresh, Kanpur commenced business on 1st January, 2019 introducing capital in cash ₹ 1,00,000. His other transactions during the month were as follows:

2019		₹
Jan 1	Started business with cash	1,00,000
Jan 2	Bought goods for cash	20,000
Jan 3	Sold goods for cash	7,000
Jan 15	Sold goods to Shravan, Delhi Bought goods on	6,000
Jan 18	Credit from Anurag, Kanpur	50,000
Jan 19	Goods returned to Anurag	5,000
Jan 20	Sold goods for cash	30,000
Jan 22	Paid electricity bill	1,000
Jan 28	Paid for telephone bill	500
Jan 29	Paid rent	800
Jan 31	Paid wages	3,000

Enter the above transactions in his books of account.

Shri S. K. Gupta, Chandigarh commenced business on 1st April, 2019 with a capital of ₹ 1,20,000 of which ₹ 60,000 was paid into his Bank Account and balance retained as cash. His other transactions during the month were as follows:

2019		₹
April 2	Bought office furniture	20,000
April 5	Purchased goods	16,000
April 8	Purchased goods from Ramesh, Chandigarh	11,000
April 12	Sold goods to Sameer, Delhi	21,000
April 13	Purchased stationery for cash	1,800
April 13	Paid to Ramesh in cash on account*	10,000
	Discount allowed by him*1,000
April 17	Withdrawn cash for office use*	4,000
April 18	Sen of Chandigarh sold goods to S.K. Gupta	30,000
April 19	Cash received from Sameer on account*	20,000
	Allowed him discount*	1,000
April 20	Sold to Raj Banwari, Delhi	40,000
April 28	Cash sales	1,400
April 30	Paid salary by cheque*	8,000
April 30	Paid rent by cheque	5,000
April 30	Paid telephone expenses by cheque	2,000
April 30	Paid cash into bank*	2,000

Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Journalise the above transactions and post them to the Ledger.

Enter the following transactions in the Journal of M/s. Karim Bros., Prop. Shri Karim Khan, Kolkata, post to the Ledger:
Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).