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(Transfer Entries). Give the Journal entries for the following:(i) Gross Profit of ₹ 32,000 from Trading Account to Profit and Loss Account.(ii) Net Profit of ₹ 14,500 to Capital Account of Sri Sankar Saha. (iii) Sri Sankar Saha draws ₹ 10,000 from his Capital Account.(iv) Purchases Return of ₹ 7,000 plus IGST 12%.(v) Sales Return of ₹ 6,000 plus CGST and SGST 6% each. |
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Answer» (Transfer Entries). Give the Journal entries for the following: (i) Gross Profit of ₹ 32,000 from Trading Account to Profit and Loss Account. (ii) Net Profit of ₹ 14,500 to Capital Account of Sri Sankar Saha. (iii) Sri Sankar Saha draws ₹ 10,000 from his Capital Account. (iv) Purchases Return of ₹ 7,000 plus IGST 12%. (v) Sales Return of ₹ 6,000 plus CGST and SGST 6% each. |
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