Question
What is IGST? Give an example.
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2019
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Jan. 6
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Purchased goods from Henry for ₹ 50,000 on 10% trade discount and 4% cash discount and paid 60% amount by cheque. |
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Jan. 15
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Bought goods from Amit for ₹ 2,00,000 at terms 5% cash discount and 20% trade discount. Paid $\frac{3}{4}\text{th}$ of the amount in cash at the time of purchase.
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| Jan. 18 | Sold goods to Sherpa at the list price of ₹ 50,000 less 20% trade discount and 4% cash discount if the payment is made within 7 days. 75% payment is received by cheque on Jan. 23rd. |
| Jan. 25 | Sold goods to Garima for ₹ 1,00,000, allowed her 20% trade discount and 5% cash discount if the payment is made within 15 days. She paid $\frac{1}{4}\text{th}$ of the amount by cheque on Feb. 5th and 60% of the remainder on Feb. 15th in cash. |
2023 | ₹ | |
June 20 | Opening Balance of Cash | 1,180 |
| Progressive Bank | 19,040 |
| Goodwill Bank (Overdraft) | 6,460 |
20 | Received a cheque for₹ 1,800 from a debtor Mr. X and deposited in Goodwill Bank. The Bank credited the amount on 23rd June and debited 4 as its collection charges. |
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21 | Purchased goods for 18,210 and a cheque issued on Progressive Bank. |
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22 | Paid office expenses 410 and 80 for stationery in cash. |
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23 | Deposited a cheque for ₹21,090 being sale proceeds of goods in Progressive Bank. The Bank credited the amount on the same day and debited 21 as cheque discounting charges. |
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23 | A cheque for₹ 8,000 drawn by Mr. Jain himself on Progressive Bank was deposited in his account with Goodwill Bank. |
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25 | Cash drew from the account with Progressive Bank 600 for office use. |
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25 | A cheque for 1,100 received from Mr. A and earlier deposited in Goodwill Bank (on 14 4th June) was returned unpaid and Bank debited 10 towards its charges. Mr. Jain received the amount of returned cheque and Bank charges in cash from Mr. A. |
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28 | Deposited cash 1,500 in the account with Goodwill Bank. |
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29 | Purchased postal stamps for 200 and paid in cash. |
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