Question

Journalise the following transactions in the books of Manoj Store: 

i. Purchased goods from Ramesh Rs.20,000 less trade discount at 20% plus VAT @10% 

ii. Sold goods costing Rs.7,000 to Krishna for Rs.9,000 plus VAT @10% 

iii. Sold goods for Rs.10,000 and charged VAT @10% against cheque. 

iv. VAT was deposited into government account on due date.

Answer 1

Books of Manoj store Journal