[ISC] Q 5 Solution Accounting of Goods and Services Tax (GST) TS Grewal (2022-23)

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Are you looking for the solution of Question number 5 of Accounting of Goods and Services Tax (GST) of TS Grewal class 11 ISC Board 2022-23 Session?

Pass Journal entries in the books of Puneet, Delhi for the following:

(i) Received an order from Karan & Co. for supply of goods of ₹ 50,000.

(ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance.

(iii) Paid to statff ₹ 40,000 against outstanding salaries of ₹ 60,000.

(iv) Sold goods to Bharat, Kaithal (Haryana) of ₹ 10,000 plus IGST @ 12% out of which 1/5th were returned by Bharat being defective.

(v) Cheque of ₹ 20,000 issued by Feroz was dishonoured.

(vi) Received 40 paise in a rupee from Feroz against the above dues.

(vii) Received a cheque of ₹ 25,000 from Mohan after banking hours.

(viii) Purchased goods from Barun of Chandigarh of ₹ 10,000 plus IGST @ 12% and sold them to Arun of Shimla (HP) at ₹ 22,400, including IGST @ 12%.

(ix) Arun returned goods of ₹ 6,720, including IGST which were returned to Barun.

(x) Puneet purchased 10 TV sets @ ₹ 20,000 per set and paid IGST @ 12%. It sold all the sets @ ₹ 25,000 per set plus CGST and SGST @ 6% each.

(xi) Paid insurance of ₹ 11,200 including CGST and SGST @ 6% each for a period of one year.

(xii) sold personal car for ₹ 1,00,000 and invested the amount in the firm.

(xiii) Goods costing ₹ 1,00,000 were destroyed in fire. Insurance company admitted the claim for ₹ 75,000. These goods were purchased within Delhi paying CGST and SGST @ 6% each.

(xiv) Purchased machinery for ₹ 56,000 including IGST of ₹ 6,000 and paid cartage thereon ₹ 5,000 and installation charges ₹ 10,000.

(xv) Goods costing ₹ 4,000 sold to Kapil at a profit of 20% on sales less 10% Trade Discount plus CGST and SGST @ 6% each and received a cheque under 2% cash discount.

(xvi) Purchased machinery from New Machinery House for ₹ 50,000 and paid it by bank draft from bank. Paid bank charges ₹ 500. Bank charged CGST and SGST @ 6% each on bank charges.


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Anurag Pathak
Anurag Pathak

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