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Question 15 Marks

Journalise the following transactions in the books of Sankalp General Stores
2019
July 1 Started business with Cash ₹ 1,00,000, Stock of Goods worth ₹ 50,000,
and Computer ₹ 50,000.
4 Purchased goods from Karina on credit ₹ 10,000 at 5% trade discount.
10 Sold goods to Priyanka ₹ 20,000 at 10% trade discount.
13 Paid into State Bank of India ₹ 50,000.
15 Goods worth ₹ 2,000 lost by theft.
18 Paid for Rent ₹ 4,000.
20 Received Cash of ₹ 17,500 from Priyanka in full settlement of her account.
25 Paid for Stationery purchased ₹ 8,000.

Answer

Solution is as follow:

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Question 25 Marks

Amar bought goods worth ₹20,000 from Rakesh at 10% trade discount.

Answer

Solution is as follow:

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Question 35 Marks

Journalise the following transactions in the books of Narendra General Stores
2019 April 1 Narendra commenced business with Cash ₹ 80,000
3 Purchased goods from Kiran ₹ 40,000 on credit
5 Paid rent ₹ 2,000
10 Sold goods to Mr.Vikas ₹ 55,000 on credit
15 Purchased Furniture of ₹ 30,000 @ GST 18%
18 Received a Bearer Cheque of ₹ 25,000 from Mr.Vikas
21 Paid to Kiran by Cheque of Dena Bank ₹ 20,000
30 Paid Salary ₹ 5000

Answer

Solution is as follows.

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Question 45 Marks

Sold Motor Car for ₹ $1,00,000$ at $28 \%$ GST and amount received by cheque

Add: \begin{tabular}{ll}

Cost of Motor Car $=$ & $₹ 1,00,000$ \\

CGST $14 \%$ & $=₹ 14,000$ \\

SGST $14 \%$ & $=₹ 14,000$ \\

\hline Net value & $=₹ 1,28,000$

\end{tabular}

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Question 55 Marks

Complete the following table.:

Answer

1. Drawings A/c
2. Sonali’s A/c
3. Bad debts A/c
4. Livestock A/c
5. Capital A/c

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Question 65 Marks

Calculate the following: Sold goods of ₹ 1,00,000 at 10% Trade Discount and 10% cash discount to Ram and received 50% amount by cheque. Calculate the amount of cheque received.

Answer

Trade Discount = Catalogue price × Rate of trade discount$\begin{aligned} & =1,00,000 \times \frac{10}{100} \\ & =₹ 10,000\end{aligned}$Net amount receivable = Catalogue price – Trade Discount$\begin{aligned} & =1,00,000-10,000 \\ & =₹ 90,000\end{aligned}$50% of net amount received.$\begin{aligned} & \therefore \text { Amount receivable }=50 \% \text { of } 90,000 \\ & =\frac{50}{100} \times 90,000 \\ & =₹ 45,000\end{aligned}$$\begin{aligned} & \text { Cash discount allowed }=10 \% \text { on } ₹ 45,000 \\ & =\frac{10}{100} \times 45,000 \\ & =₹ 4,500\end{aligned}$Amount of cheque received = 50% of total amount – Cash discount$\begin{aligned} & =45,000-4,500 \\ & =₹ 40,500\end{aligned}$Amount received by cheque = ₹ 40,500.

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Question 75 Marks

Calculate the following: Received cheque of ₹ 90,000 from Kiran in full settlement of his account ₹ 1,00,000/-. Calculate discount rate.

Answer

Discount allowed to Kiran = Amount due – Amount received$\begin{aligned} & =1,00,000-90,000 \\ & =₹ 10,000\end{aligned}$$\begin{aligned} & \text { Rate of discount allowed to Kiran }=\frac{100 \times \text { Total Discount allowed }}{\text { Amount on which discount allowed }} \\ & =\frac{100 \times 10,000}{1,00,000} \\ & =10 \%\end{aligned}$

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Question 85 Marks

Calculate the following: Bought goods from Ranjan ₹ 10,000 @ 5% GST and 10% cash discount. Calculate cash discount.

Answer

Cost of the goods bought = ₹ 10,000 @ 5% GST and 10% cash discount.
GST on Goods Purchased = Cost of goods × 5%.

$\begin{aligned} & =10,000 \times \frac{5}{100} \\ & =₹ 500 .\end{aligned}$

Net value of Goods Purchased = 10,000 + 500 = ₹ 10,500
Cash discount = Net value × 10%.

$\begin{aligned} & =10,500 \times \frac{10}{100} \\ & =₹ 1,050 .\end{aligned}$

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Question 95 Marks

Calculate the following: Paid Transport charges ₹ 10,000 @ 5% GST. Calculate CGST & SGST.

Answer

$\begin{aligned} & \text { Transport charges }=₹ 10,000 @ 5 \% \text { GST. } \\ & \text { CGST }=\text { Transport charges } \times 2.5 \% . \\ & =10,000 \times \frac{2.5}{100} \\ & =10,000 \times \frac{25}{1000} \\ & =₹ 250\end{aligned}$$\begin{aligned} & \text { SGST }=\text { Transport charges } \times 2.5 \% \\ & =10,000 \times \frac{2.5}{100} \\ & =10,000 \times \frac{25}{1000} \\ & =₹ 250\end{aligned}$Net value = 10,000 + 250 + 250 = ₹ 10,500.

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Question 105 Marks

Calculate the following: Purchased Motor Car from Tata & Company worth ₹ 2,00,000 at 18% GST. Find out GST amount.

Answer

Cost of the Motor Car = ₹ 2,00,000GST @ $18 \%=2,00,000 \times \frac{18}{100}=₹ 36,000$Net value of the Motor Car = ₹ 2,00,000 + ₹ 36,000 = ₹ 2,36,000

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Book Keeping & Accountancy Do as instructed

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