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 IGST @ 12%.
(ii) Sold goods costing Rs. 7,000 to Krishna for Rs. 9,000 plus IGST @ 12%.
(iii) Sold goods for Rs. 10,000 and charged IGST @ 12% against cheque.
(iv) Rs. 5,000 were deposited into Saving Account.
(v) Machinery costing Rs. 4,00,000 for which order was placed earlier paying advance of Rs. 40,000. The balance payment was paid as follows:
(a) An old machine (personal) valued at Rs. 30,000 was given in exchange;
(b) Issued a cheque from his savings account for Rs. 1,30,000; and
(c) Balance by issue cheque from firm’s bank account.
(vi) Paid in cash wages ₹ 2,500 for installation of machine.

Answer 1

Note: An old personal machinery in exchange of Rs.30,000 and bank transaction of Rs.1,30,000 from Saving account will increasing the Capital account of proprietor.