Journalise the following transactions in the books of Shri Manoj, Kolkata and prepare Ledger Accounts.
Opening Debit Balances:
Cash in Hand – Rs. 15,000; Cash at Bank – Rs. 55,000; Stock – Rs. 28,000; Debtors – Rs. 25,000 (Sunil – Rs. 5,000; Abhay – Rs. 10,000 and Alok – Rs. 10,000); Fixed Assets: Computer and Printer – Rs. 50,000; Furniture – Rs. 10,000; Delivery Van – Rs. 25,000.
Opening Credit Balances:
Bank Loan – Rs. 90,000; Salaries Outstanding – Rs. 15,000; Creditors – Rs. 20,000; Bills Payable – Rs. 10,000; Capital – Rs. 73,000.
Transactions for the month of April, 2018 were:
(i) Purchased goods from M/s Prabhat Electricals – Rs. 10,000 less 10% Trade Discount. Cheque was issued immediately and availed 2% Cash Discount on purchase price.
(ii) Cheque was received from Abhay for the balance allowing him discount of 2%*.
(iii) Cheque was received from Alok for the balance due*.
(iv) Sunil was unable to pay the full dues and offered to pay 75%, which was accepted. Cheque was duly received*.
(v) Gave goods costing Rs. 1,000 as charity. These goods were purchased in Kolkata.
(vi) In a competition held by the RWA where the shop is located an electric iron costing Rs. 500 was given as an award. It had been purchased from Prabhat Electricals, Delhi.
(vii) A debt of Rs. 10,000 that was written off as bad debt in the past was received*.
(viii) Salaries amounting to Rs. 15,000 provided in the books for the month of March, 2018 were paid through cheque*.
(ix) Sales for the month were: Cash Sales Rs. 15,00,000 (Intra-state) and Credit Sales Rs. 3,00,000 (Inter-state).
(x) Purchases for the month were: Cash Purchases Rs. 1,00,000 (Intra-state) and Credit Purchases (Inter-state) Rs. 9,00,000.
Cheques Received from Debtors Rs. 2,00,000; Deposited Cash Rs. 15,00,000.
(xi) Paid to creditors through cheques Rs. 8,90,000*.
(xii) Bank Loan repaid during the month Rs. 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 (*).
