Practical Problem 07

Journalise the following transactions in the books of Varun
2018
Oct-01	Purchased Machinery of Rs 95,000 and paid Rs 5,000 for freight.
3	Purchased goods for Rs 1,50,000 and amount paid by Bank.
6	Purchased Laptop from Nagesh & Co. worth Rs 1,80,000 @ 18% GST.
10	Paid into Bank of Baroda Rs 70,000.
12	Paid for Rent Rs 4,000 and Commission Rs 3,000.
15	Bought goods from Tushar Company Ltd. Rs 1,20,000 at 12% GST and paid 1/2 amount
	by RTGS.
16	Cash purchases Rs 50,000 amount paid by cheque.
20	Invoiced goods to Satish Rs 80,000 at 12% GST and amount received by cheque.
25	Paid for Telephone charges Rs 90,000
27	Mrs. Varsha bought goods from us Rs 90,000 at 12% Trade Discount.
28	Purchased goods from Abhijeet & Sons Rs 1,50,000 at 18% GST.
30	Paid to Abhijeet & Sons and received 10% Cash Discount by cheque.
31	Paid for Advertisement Rs 8,000 and Brokerage Rs 12,000.

In the books of Varun
Journal Entries
Date	Particular	L.F	Debit	Credit
2018
Oct-01	Machinery A/C………………………………………………………………………………………………………..…..Dr		1,00,000
	To Cash A/c			1,00,000
	(Being machinery purchase and freight paid)
3	Purchase A/C……………………………………………………………………..Dr		1,50,000
	To Bank A/c			150000
	(Being good purchase and payment paid by bank)
6	Laptop A/C……………………..…………………………………………………………………………………………..Dr		180000
	Input CGST A/c…..…………………………………………………………………………………………………..…..Dr		16,200
	Input SCGST A/C……………………………………………………………………………………………..…………..Dr		16,200
	To Nagesh & Co. A/c			2,12,400
	(Being laptop purchase from Nagesh & Co. at 18% GST)
10	Bank of Baroda A/C………………………………………………………………………………….………………..Dr		70,000
	To cash A/c			70,000
	(Being cash paid to Bank of Baroda)
12	Rent A/C……………………………………………………………………………………………………….…………..Dr		4,000
	Commission A/C………………………………..……………………………………………………………………..Dr		3,000
	To Cash A/c			7,000
	(Being rent and commission paid)
15	Purchase A/C……………………………………………………………………………………………………………..Dr		1,20,000
	Input CGST A/c…..……………………………………………………………………………………….……………..Dr		7,200
	Input SCGST A/C…………………………………………………………………………………………….…………..Dr		7,200
	To Bank A/c			67,200
	To Tushar Company Ltd			67,200
	(Being purchase goods from Tushar Company Ltd. at 12% GST and paid 1/2 amount)
16	Purchase A/C………………………………………………………………………………………………….…………..Dr		50,000
	To Bank			50,000
	(Being goods purchase by cheque)
20	Bank A/C……………………………………………………………………………………………………….…………..Dr		89,600
	To sales A/c			80,000
	To Output SGST A/c			4,800
	To Output CGST A/c			4,800
	(Being goods sold and amount received by cheque at 12% GST)
25	Telephone charges A/c……………………………………………………………………………………………..Dr		90,000
	To Cash A/c			90,000
	(Being Telephone charges paid)
27	Varsha A/c………………………………………………………………………………..……………………………….Dr		79,200
	To Sale A/c			79,200
	(Being goods bought by Varsha from us at 12% T.D.)
28	Purchase A/C……………………………………………………………………………………………………………..Dr		1,50,000
	Input SCGST A/C………………………………………………………………………………………………………..Dr		13,500
	Input CGST A/c…..……………………………………………………………………………………………………..Dr		13,500
	To Abhijeet & Sons A/c			1,77,000
	(Being good purchase from Abhijeet & Sons at 18% GST)
30	Abhijeet & Sons A/c……………………………………………………………………………………….………….Dr		1,77,000
	To Bank A/c			1,62,000
	To Discount Received A/c			15,000
	(Being Payment done to Abhijeet & Sons by cheque and received 10% C.D.)
31	Advertiesment A/c …………………………………………………………………………………………………..Dr		8,000
	Brokerage A/c …………………………………………………………………………………………………………..Dr		12,000
	To Cash A/c			20,000
	(Being payment towards advertiesment and brokrage)
	TOTAL		13,56,600	13,56,600

Practical Problem 07

Learn smart. Grow smart.