1.

(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.

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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