Record the following transactions in the books of Sahdev & Sons assuming all transactions have been entered within the state of Bihar, Charging CGST and SGST @ 9% each
Record the following transactions in the books of Sahdev & Sons assuming all transactions have been entered within the state of Bihar, Charging CGST and SGST @ 9% each.
Ignore adjustment of GST
[Ans. Total ₹ 7,57,650]
| (i) | Bought goods from Nanak Bros. for ₹ 4,00,000 at 10% trade discount and 3% cash discount on purchase price. 25% of the amount paid at the time of purchase. |
| (ii) | Sold goods to Kumar & Sons. for ₹ 2,00,000 at 20% trade discount and 5% cash discount on sale price. 60% of the amount received by Cheque. |
| (iii) | Received from Gopi Chand ₹ 38,000 by Cheque after deducting 5% cash discount. |
| (iv) | Paid ₹ 20,000 for rent by Cheque |
| (v) | Paid ₹ 50,000 for salaries by Cheque |
| (vi) | Goods worth ₹ 10,000 distributed as free samples |
| (vii) | ₹ 5,000 due from Chanderkant are bad-debts. |
| (viii) | Sold household furniture for ₹ 15,000 and the proceeds were invested into business. |
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