Solution of Q 5 Accounting for Goods and Services Tax (GST) TS Grewal Class 11 (2023-24) CBSE

Pass Journal entries in the books of Puneet, Delhi for the following:

1. (i) Received an order from Karan & Co. for supply of goods of ₹ 50,000.
2. (ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance.
3. (iii) Paid to staff ₹ 40,000 against outstanding salaries of ₹ 60,000.
4. (iv) Sold goods to Bharat, Kaithal (Haryana) of ₹ 10,000 plus IGST @ 12% out of which 1/5th were returned by Bharat being defective.
5. (v) Cheque of ₹ 20,000 issued by Feroz was dishonoured.
6. (vi) Received 40 paise in a rupee from Feroz against the above dues.
7. (vii) Received a cheque of ₹ 25,000 from Mohan after banking hours.
8. (viii) Purchased goods from Barun of Chandigarh of ₹ 10,000 plus IGST @ 12% and sold them to Arun of Shimla (HP) at ₹ 22,400, including IGST @ 12%.
9. (ix) Arun returned goods of ₹ 6,720, including IGST which were returned to Barun.
10. (x) Puneet purchased 10 TV sets @ ₹ 20,000 per set and paid IGST @ 12%. It sold all the sets @ ₹ 25,000 per set plus CGST and SGST @ 6% each.
11. (xi) Paid insurance of ₹ 11,200 including CGST and SGST @ 6% each for a period of one year.
12. (xii) Sold personal car for ₹ 1,00,000 and invested the amount in the firm.
13. (xiii) Goods costing ₹ 1,00,000 were destroyed in fire. Insurance company admitted the claim for ₹ 75,000. These goods were purchased within Delhi paying CGST and SGST @ 6% each.