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XI CBSE GST-Updated

The document provides examples of journal entries for goods and services transactions involving GST. It includes entries for purchases and sales of goods both within and outside a state, allowing for trade and cash discounts. It also includes entries for expenses like rent, supplies, and payments of GST. The examples cover a range of scenarios involving one or multiple states and calculation of CGST, SGST, and IGST as applicable.

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Kapil Asare
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498 views3 pages

XI CBSE GST-Updated

The document provides examples of journal entries for goods and services transactions involving GST. It includes entries for purchases and sales of goods both within and outside a state, allowing for trade and cash discounts. It also includes entries for expenses like rent, supplies, and payments of GST. The examples cover a range of scenarios involving one or multiple states and calculation of CGST, SGST, and IGST as applicable.

Uploaded by

Kapil Asare
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Std.

XI CBSE
GST Transactions
1. Pass the Journal entries for the following transactions:
(i) Purchased goods from Sanjiv of Rs.40,000 plus IGST @ 12% at 10% Trade Discount
and 2% Cash Discount. Paid amount at the time of purchase itself.
(ii) Purchased goods from Vijay Rs.40,000 plus IGST @ 12% at 10% Trade Discount
and 3% Cash Discount. Half of the amount paid at the time of purchase.
(iii) Sold goods to Anil for Rs.20,000 plus CGST and SGST @ 6% each, allowed him
10% Trade Discount and 3% Cash Discount. Received half of the amount by cash
and balance by cheque within agreed time.
(iv) Sold goods to Ajay for Rs.50,000 plus CGST and SGST @ 6% each at 10% Trade
Discount and 2% Cash discount. Half of the amount received by cheque within
specified time.
(v) Sold goods costing Rs.40,000 to Anil against a current dated cheque at a profit of
25% on cost less 20% trade discount plus IGST @ 12%. Cash discount is allowed
@ 2%.

2. Transactions of Ramesh of Delhi for April, 2018 are given below. Journalise them.
Date Particulars Amount
2018 Rs.
Apr. 1 Ramesh started business and brought capital in cash. 1,00,000
Apr. 2 Paid into Bank. 70,000
Apr. 3 Bought goods for Rs.5,000 plus CGST and SGST @ 6% each.
Apr. 4 Withdrew cash from bank for office. 1,000
Apr. 13 Sold goods to Krishna for Rs.1,500 plus CGST and SGST @ 6% each.
Apr. 20 Bought goods from Shyam for Rs.3,000 plus CGST and SGST @ 6% each.
Apr. 24 Cash received from Krishna. 1,680
Apr. 24 Sold Goods to Rakesh for Rs.10,000 plus CGST and SGST @ 6% each. He
paid half the amount by cheque and availed Cash Discount of 2%.
Apr. 28 Cash paid to Shyam. 3,200
Discount allowed by him 160
Apr. 30 Cash Sales for the month Rs.8,000 plus CGST and SGST @ 6% each
Apr. 30 Paid Rent Rs.500 plus CGST and SGST @ 6% each.
Apr. 30 Paid Salary to Ram. 3,000

Std. XI CBSE | GST Transactions 1


3. Journalise the following transactions in the books of Shiv Enterprises, Delhi:
i. Purchased goods from Shyam & Co., Delhi of list price Rs.25,000 at 20% trade
discount and 3% cash discount on value of goods. Paid CGST and SGST @ 6% each.
Payment was made immediately and availed cash discount.
ii. Purchased goods from Sunder Agencies, Delhi of list price Rs.20,000 at 25% trade
discount and 2% cash discount. Paid CGST and SGST @ 6% each. 50% of the
payment was made immediately.
iii. Purchased goods from Rama & Sons, Delhi of list price Rs.50,000 at 20% trade
discount and 3% cash discount. Paid CGST and SGST @ 6% each. 75% of the
payment was made immediately by cheque.
iv. Sold to Ramesh & Co., Chandigarh goods of list price Rs.40,000 at 15% trade discount
and 3% cash discount on Value (Cost) of goods. Charged IGST @ 12%. Ramesh &
Co. paid the full amount by cheque and availed cash discount.
v. Sold to Rajat & Co., Chennai goods costing Rs.10,000 at 25% profit, allowing 10%
trade discount and 2 ½ % cash discount. Charged IGST @ 12%. Rajat & Co. made
60% payment immediately.
vi. Sold goods of list price Rs.50,000 less 20% trade discount. Charged IGST @ 12%.
Cash discount allowed @ 2% against cheque payment.

4. Pass entries in the books of Ashok Bros. assuming that all transactions have been
entered within Delhi and assuming CGST @ 6% and SGST @ 6%.
Date Particulars
2018
Jan.2 Purchased goods for Rs.2,00,000 on credit.
5 Sold goods for Rs.3,00,000 on credit.
10 Purchased Computer Printer for office for Rs.50,000 and
payment made by cheque.
20 Paid legal consultation fee Rs.10,000.
22 Paid rent Rs.20,000 by cheque.
31 Payment made by balance amount of GST.

5. Pass entries in the books of Mukul Roy & Sons, assuming all transactions have been
entered within the state of West Bengal, charging CGST and SGST @ 6% each:
Date Particulars
2018
April 1 Purchased goods for Rs.1,50,000 from S. Banerjee.
6 Sold goods for Rs.2,50,000 to Aditya Sangma.
8 Returned goods to S. Banerjee for Rs.10,000.
15 Aditya Sangma returned goods for Rs.8,000.
18 Paid for printing & stationary Rs.5,000.
24 Goods withdrawn by Proprietor for Personal use Rs.20,000.
27 Goods destroyed by fire Rs.15,000.
30 Payment made of balance amount of GST.

Std. XI CBSE | GST Transactions 2


6. Pass entries in the books of Mr. Gopal assuming CGST @ 6% and SGST @ 6%.
S.N. Particulars
(i) Gopal purchased goods for Rs.1,50,000 from outside
the State and made payment by cheque.
(ii) He sold goods for Rs.1,00,000 outside the State on Credit.
(iii) He sold goods for Rs.1,80,000 locally on credit.
(iv) Paid telephone bill for Rs.5,000 by cheque.
(v) He purchased on air-conditioner for his office for Rs.25,000
and paid the amount by cheque.
Payment made by balance amount of GST

7. Pass entries in the books of Sh. Gopi Chand of Kerala assuming CGST @ 9% and
SGST @ 9%:
Date Particulars
2020
April 1 Purchased goods for Rs.3,00,000 from Karan of Chennai.
3 Purchased goods for Rs.50,000 from Ganesh of Kerala.
10 Sold goods costing Rs.80,000 to Paras of Telangana at a
Profit of 25% on cost less trade discount 10%.
15 Sold goods at Kerala costing Rs.2,50,000 at 60% profit
less trade discount 15% against cheque.
16 Paid for advertisement Rs.8,000 in Kerala.
20 Purchased a Computer for office use from same city for
Rs.30,000 and payment made by cheque.
25 Proprietor withdrew Rs.10,000 for his person use.
30 Payment made of balance amount of GST.

Std. XI CBSE | GST Transactions 3

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