1.

Pass entries for the following transactions in the books of M/s Karthikeyan & Co. of Chennai: 2019 June 10 Purchased goods from Ravichandran of Madurai of the list price of ₹ 2,00,000 at 25% trade discount at 4% cash discount on purchase price of goods. Paid CGST and SGST 9% each. Paid the entire amount by cheque on the same date. June 25 Sold goods to Ramalingam of Erode of the list price of ₹ 3,75,000 at 20% trade discount and 2% cash discount on sale price. Charged CGST and SGST 9% each. Full amount was received by cheque on the same date. Ignore adjustment and payment of GST.

Answer» Pass entries for the following transactions in the books of M/s Karthikeyan & Co. of Chennai:















2019
June 10 Purchased goods from Ravichandran of Madurai of the list price of ₹ 2,00,000 at 25% trade discount at 4% cash discount on purchase price of goods. Paid CGST and SGST 9% each. Paid the entire amount by cheque on the same date.
June 25 Sold goods to Ramalingam of Erode of the list price of ₹ 3,75,000 at 20% trade discount and 2% cash discount on sale price. Charged CGST and SGST 9% each. Full amount was received by cheque on the same date.



Ignore adjustment and payment of GST.


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