Practical Problem 05

Journalise the following transactions in the books of Kunal Stores.
2018
Aug-01Purchased goods of Rs 90,000 at 10% Trade Discount and 10% Cash Discount from
 Rakesh and 1/3rd amount Paid by cheque.
5Opened current account in State Bank of India by depositing Rs 60,000.
8Cash purchases Rs 85,000.
10Goods sold on credit to Tushar Rs 20,000 @ 10% Trade Discount.
12Paid Salary Rs 4,000.
16Tushar returned goods of Rs 250.
17Goods taken by Kunal for his private use Rs 2,000.
20Purchased Laptop of Rs 40,000 from Joshi Electronics @18% GST and paid by cheque.
22Rent paid by cheque Rs 15,000.
25Purchased Motor car worth Rs 2,00,000 [email protected] 18% GST and paid by Bank.
26Goods distributed as free sample Rs 4,000. (Advertisment)
28Purchased goods from Amit of Rs 60,000 on credit.
29Paid by ECS cash to Amit Rs 58,500, who allowed us discount Rs 1,500.
30Sold goods Rs 5,000 at a loss of Rs 1,000 (Cash)
31Sold goods for Rs 20,000. (cash)
                                                                                           In the books of Kunal Stores.
                                                                                                      Journal Entries
DateParticularL.FDebit Credit
2018    
Aug-01Purchase A/c ………………………………………………………………………………………….………Dr 81,000 
           To Bank A/c  24,300
           To Rakesh A/c  54,000
           To Discount Received A/c  2,700
 (Being goods purchased at 10% T.D & 10% C.D and 1/3 amount paid by Cheque)   
5State Bank of India A/c ………….………………………………………………………………………Dr 60,000 
           To Cash A/c  60,000
 (Being Cash Deposited in State Bank of India)   
8Purchase  A/c …………………………………………………………………………………………………Dr 28,500 
           To Cash A/c  28,500
 (Being goods purchase by cash)   
10Tushar A/c ……………………………………………..………………………………………………………Dr 18,000 
             To Sales A/c  18,000
 (Being goods sold on credit to tushar at 10% T.D)   
12Salary A/c ……………………………………………………………………………………………………….Dr 4,000 
             To Cash A/c  4,000
 (Being Salary Paid)   
16Sales Return A/c ……………………………………………………………………………………………Dr 250 
               To Tushar A/c  250
 (Being goods returned by tushar)   
17Drawings A/c ………………………………………………………………………………………………..Dr 2,000 
             To Goods withdrawn by Kunal A/c  2,000
 (Being Goods taken by Kunal for his private use )   
20Laptop A/c …………………………………..………………………………………………………………..Dr 40,000 
 Input CGST A/c ………………………………………………………………………………………………Dr 3,600 
 Input SGST A/c ………………………………………………………………………………………………Dr 3,600 
             To Bank A/c  47,200
 (Being Laptot purchase @ 18% GST and paid by Cheque)   
22Rent A/c ………………………………………………………………………………………………………..Dr 15,000 
             To Bank A/c  15,000
 (Being Rent paid by Cheque)   
25Motor Car A/c …………………………………………………………………………………..……………Dr 2,00,000 
 Input CGST A/c ……………………………………………………………………………………………….Dr 18,000 
 Input SGST A/c ……………………………………………………………………………………………….Dr 18,000 
             To Bank A/c  2,36,000
 (Being Motor Car Purchased at 28% GST and paid by Cheque)   
26Advertisement A/c ……………………………………………………………………………………….Dr 4,000 
            To Goods distributed as free sample A/c  4,000
 (Being goods distributed as free sample)   
28Purchase A/c ………………………………………………………………………………………….………Dr 60,000 
            To Amit A/c  60,000
 (Being goods purchase from amit on credit)   
29Amit A/c ………………………………………………………………………………………………………..Dr 60,000 
            To Bank A/c  58,500
            To Discount Received A/c  1,500
 (Being Payment done to Amit by ECS and Discount received)   
30Cash A/c …………………………………………………………………………………………………………Dr 4,000 
 Loss on sale A/c …………………………………………………………………………………………….Dr 1,000 
              To Sales A/c   5,000
 (Being goods sold at loss)   
31Cash A/c …………………………………………………………………………………………………………Dr 20,000 
              To Sales A/c   20,000
 (Being goods Sold)   
 Total 6,97,4506,97,450