GST Transactions Quiz

Journalise the following transactions (i) Raj of Alwar, Rajasthan who owed Mohan 25,000 became insolvent and received 60 paise in a rupee as full and final settlement.

Pass journal entries charging CGST and SGST @ 6% each except where it is not required as per GST Act : 1. Bought goods from Mohan 25,000 2. Sold goods to Ram for ₹ 30,000 3. Goods costing₹ 5,000 bought from Mohan were distributed as free samples 4. Paid salary to staff ₹ 10,000 5. Bought goods from Goel & Co. ₹ 40,000 less 10% Trade Discount 6. Goods of list price₹10,000 bought from Goel & Co. were given for charitable purposes.

Journalise the following transactions assuming GST slab rate of 12% of Amit & Co., Delhi: 1. Paid Printing & Stationery₹ 3,360 inclusive of GST. 2 Bought Machinery from Gopi & Co., Karnal for₹ 40,000. Paid carriage 2,000 and installation charges 3,000. 3. Legal Fee of ₹ 5,000 paid to Mittal & Co., Delhi by cheque 4. Bought goods of listing price₹ 30,000 from Mona & Co., Noida less 10% Trade Discount and 2.5% Cash Discount. Paid half the amount by cheque 5. Goods of list price 3,000 were given as charity and goods of list price 7,000 were taken away by Amit & Co. for domestic purposes.

Journalise the following transactions of Beta & Co., Delhi who deals in goods of 12% GST slab : 1. Paid water charges₹ 500. 2. Bought goods from Neha & Co. of list price 20,000 less 10% Trade Discount. 3. Sold goods costing 20,000 at 25% profit on cost less 10% discount to Roma & Co. 4. Returned goods of list price 4,000 to Neha & Co. being defective. 5. Roma &'Co. returned goods costing * 4,000 as it was not upto mark. 6. Paid Rent to landlord 5,000.

Pass journal entries in the books of Amarnath & sons for the following transactions: (I)Bought goods from Gopi & Co. of list price 20,000 at 10% Trade Discount plus CGST and SGST @ 6% each (ii) Bought goods from Mona & Co. of list price₹30,000 at 20% Trade Discount and 2-5% Cash Discount. IGST paid on it was @ 12%. Paid half the payment by cheque. (iii) Sold goods costing 40,000 at a profit of 25% on cost less 20% Trade discount and 2% Cash Discount to Maya & Sons. Paid CGST and SGST @6% each. It paid half the amount by cheque to avail Cash Discount payable after 2 days and it was banked. (iv) Maya & Sons returned goods costing 10,000 as it was not as per sample. (v) Goods of list price₹ 5,000 returned to Mona & Co. (vi) Goods purchased from Gopi & Co. of list price 3,000 were given as charity to a N.G.O.