[DK Goel] Q. 5 Accounting for Goods and Services Tax (GST) Solutions Class 11 CBSE (2025-26)
Solutions of Question number 5 of Chapter 10 Accounting for Goods and Services Tax (GST) DK Goel class 11 CBSE (2025-26)
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.
| (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. |
Ignore adjustment of GST
[Ans. Total ₹ 7,57,650]
Solution:-
Hints:
(i) GST will be levied on transaction No. (i), (ii), (iv) and (vi)
(ii) Cash Discount in Transaction (i) ₹ 2,700. Cash Discount in Transaction (ii) ₹ 4,800.
(iii) In transaction No. (iii) discount allowed will be ₹ 2,000.
