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Enter the following transactions in a Double Column Cash Book (having Bank and DiscountColumn) Assuming that all receipts are banked and that all payments are made by cheque only2020₹Sept. I Bank Balance48,000Sept 4 Cash purchases including CGST and SGST @ 6% each, paid bycheque amounting to 15,000Sept. 8 Cash sales including CGST and SGST @ 6% each 21,000Sept. 12 Paid office rent to landlord * 6,000 plus CGST and SGST @ 6% eachSept 15 Machinery purchased from M/s Tools Ltd. and amounting to 30,000plus IGST @ 12% by chequeSept 18 Paid to Roshan Lal by cheque ? 2,000, discount received 100Sept 22 Paid Salaries by cheque * 3,500Sept 28 Cheque received from Raj Kumar amounting to 29,000 afterdeducting a discount 300.Sept. 30 Income Tax paid by cheque 1,700 |
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Answer» Answer: Rs 20 lakh The retirement gratuity payable is 16 TIMES the basic pay subject to maximum of Rs 20 lakh. In CASE of death of an employee, the gratuity is paid based on the LENGTH of service, where the maximum BENEFIT is restricted to Rs 20 lakh |
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