journal entries with gst class 11 questions

DK Goel class 11 GST solutions serve as a good resource for quick revision and contain topics like Ledger Folio, various kinds of GST Journal entries a solved numerical examples. Paid for advertisement ₹ 30,000 by cheque. Mahesh Chandra of Bihar purchased goods for ₹ 1,00,000 from Sunil Soren of Jharkhand and sold the same to Deepak Patnaik of Odisha for ₹ 1,50,000. A: For the journal entry for buying goods you will be able to work out the answer if you go through this tutorial on the journal entry for buying an asset. 1. Purchase Journal Entry – Accounts. Journal entries | Accountancy | Class 11 | Rules of debit and credit | Part 2videos ko like or share krna mt bhulna dosto. 1 Enter the following transactions of 1997 purchases book of Rajendra Electric Store, Delhi June 3 Purchased on credit from Rama Electric Store, Faridabad. Ans. 50 each 50 table fans @ Rs. 6. 2. All questions and answers from the Dk_goel_(2018) Book of Class 11 Commerce Accountancy Chapter 4 are provided here for you for free. Simple entry when only two accounts are involved to record a transaction, it is called a simple journal entry. For the journal entry for selling goods, go through the chapter on Inventory. Sale Transactions (Outward Supplies of Goods and Services) 3. Paid insurance premium ₹ 10,000 by cheque. Pass Journal entries of M/s. If the last transaction is ignored, then the answer shall match. Assuming 18% GST i.e 9% CGST and 9% SGST, show what accounting entries under GST will be passed in the books of the trader. Pass entries in the books of Devdhar & Bros. Odisha, assuming all transactions have been entered within the state, charging CGST and SGST @ 9% each: Pass entries in the books of Ganguli & Sons. 57,500 cash and Rs. At BYJU'S, it is available for free download here. It takes into consideration, value addition made at every stage of the supply chain of services and products. Accounting Entries Under GST Regime. Costing ₹ 2,25,000 at. Pass Journal entries for the above transaction, post them into the Ledger and prepare the Trial Balance on 30th April, 2018. Solution: The Journal entries to be passed in the books of the trader would be: At BYJU'S, it is available for free download here. Class 11 Chapter 10 Accounting for Goods and Services Tax (GST) is an important topic for the Accountancy Syllabus. Bhanu Traders, Delhi from the following transactions. 2. Sold goods for ₹ 1,60,000 to Devki Nandan & Sons. Purchased a Motor-bike for ₹ 80,000 from Bajaj Ltd. against cheque. Basic Journal Entries Example 2. Sold goods at Varanasi (U.P.) It is an indirect tax. Sold goods to Ganeshan of Bengaluru for ₹ 1,50,000. Pass entries in the books of Mr. Roopani of Gujarat assuming CGST @9% and SGST@9%. Ravi Chakravarti sold goods costing ₹ 2,50,000 to Sanjay Diwedi of West Bengal at a profit of 40% on cost. iii. Ltd. All rights reserved. DK Goel Solutions for Class 11 Accountancy Chapter 10 Accounting for Goods and Service Tax (GST), covers all the questions provided in DK Goel Books for 11th Class Accountancy Subject. Solution: Question 5. Questions? Q 70. Under the GST regime, multiple tax levies have been replaced by a single GST tax. 7. Sorry!, This page is not available for now to bookmark. GST is charged under Central GST, State GST/Union Territory (UT) GST or Integrated GST depending upon places from and where the supply of goods and services is made. 32,500 of photography equipment in the business. Purchase Journal Entry is the accounting entry made in the books of accounts, to record either of these two situations. Lets take in to consideration below examples for GST Entries. 3,00,000 … 2020 Applect Learning Systems Pvt. Previously, you would have maintained individual accounts for VAT, excise, CST and other service taxes with separate input, output, and credit entries for each. assuming CGST @ 6% and SGST @ 6%: Pass entries in the books of all parties in the following cases assuming CGST @ 6% and SGST @ 6%: Pass entries in the books of Krishnan of Bengaluru (Karnataka) in the following cases: (Received commission and deposited in bank), View NCERT Solutions for all chapters of Class 13. 60% of the amount received by Cheque. Download free printable worksheets Accountancy pdf of CBSE and kendriya vidyalaya Schools as per latest syllabus in pdf, CBSE Class 11 Accountancy Worksheet - Journal And Ledger - Practice worksheets for CBSE students. We are liable to the Australian Tax Office to pay 10% of goods and services sold… NCERT Solutions For Class 11 Financial Accounting – Recording of Transactions-II Short Answer Type Questions Q1. In this one account is debited and … Purchased goods from Y and Co. on credit 60,000. All Dk_goel_(2018) Solutions for class Class 11 Commerce Accountancy are prepared by experts and are 100% accurate. Paid for advertisement ₹ 40,000 by cheque. GST Accounting Entries for Intra state Transactions (i.e within the State) Mr. A purchased goods Rs. Suresh Yadav sold goods to Ravi Chakravarti of West Bengal for ₹ 2,50,000. These solutions for practical questions will help you in understanding the details on … (a) Classification of Accounts- traditional classification or modern approach. 5. TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger. Purchase simply means to get or acquire something, by paying for it , either at the time when the goods are procured or at a later date. IGST is levied on which types of supply? 25% of the amount paid at the time of purchase. Purchased building for Rs.10,00,000. Briefly state how the cash book is both journal and a ledger? Purchased goods for ₹ 2,50,000 from Virender Yadav of Patna (Bihar). When is CGST levied? 2,00,000 locally (intrastate). 3,000 cash for an insurance policy covering the next 24 months. Applect Learning Systems Pvt. Depending on how the money is collected, there are different tax and accounting procedures. For the following transactions took place in the month of March 2018, pass journal entries. Goods worth ₹ 10,000 distributed as free samples. 4. Fixed Asset A/c (Say Machinery) ... Test: Journal Entries - 3 (HOTS) Questions - Books of Original Entry: Journal entries; 3. Purchase Transactions (Input Supplies of Goods or Services) 2. In this article, we have provided the Question wise solution of the all Questions of the chapter of Journal – T.S. This has led to major changes in the accounts the business owners must maintain. Assume CGST @9% and SGST @ 9%. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal, drop a comment below and we will get back to you at the earliest. Reversing entries refer to the journal entries that are made when an accounting period starts. Record the following transactions in the books of Sahdev & Sons assuming all transactions have been entered within the state of Bihar, Charging CGST and SGST @ 9% each. Sold goods to S. Nair of Kerala for ₹ 2,60,000. 10,000. 3. It seems like there is some printing error in the textbook. Set Off of Input Credit Against Out Tax Liability of GST. It may be simple or compound. Filed Under: CBSE Class 11. 04: Paid Rs. 2. Problems 2: Prepare general journal entries for the following transactions of a business called Pose for Pics in 2016: Aug. 1: Hashim Khan, the owner, invested Rs. Sold goods to D and Co. on credit 30,000. These contain the suggested way of answering the questions as expected by the examiners. All questions and answers from the Dk_goel_(2018) Book of Class 11 Commerce Accountancy Chapter 4 are provided here for you for free. (b) Double Entry System. Post them to the Ledger: Intra-state transactions are subject to levy of CGST and SGST @ 6% each whereas inter-state transactions are subject to levy of IGST @ 12%. The Goods and Services Tax (GST) is a broad, multi-level, location-based tax. Why is GST called Destination Based Tax? 200 Tubelights @ Rs. Reverse Charge Transactions in GST. Purchased goods for ₹ 2,00,000 from Suryakant of Jaipur (Rajasthan) on Credit. 2,50,000 at 40% Profit plus 6% CGST and SGST each), TS Grewal Solutions for Class 12 Commerce, TS Grewal Solutions for Class 11 Commerce, Homework Questions for Class 11 Humanities, Homework Questions for Class 12 Humanities, CBSE Class 10 Board Paper Solutions for Math, CBSE Class 10 Board Paper Solutions for Science, CBSE Class 10 Board Paper Solutions for Social Science, CBSE Class 10 Board Paper Solutions for English, CBSE Class 10 Board Paper Solutions for Hindi, CBSE Class 12 Science Board Paper Solutions for Math, CBSE Class 12 Science Board Paper Solutions for Physics, CBSE Class 12 Science Board Paper Solutions for Chemistry, CBSE Class 12 Science Board Paper Solutions for Biology, CBSE Class 12 Commerce Board Paper Solutions for Economics, CBSE Class 12 Commerce Board Paper Solutions for Accountancy, CBSE Class 12 Commerce Board Paper Solutions for Business Studies, CBSE Class 12 Commerce Board Paper Solutions for Math, CBSE Class 12 Humanities Board Paper Solutions for English. Purchased goods for ₹ 5,00,000 from Mehta Bros. Sold goods for ₹ 8,00,000 to Munjal & Co. ( i.e within the state of West Bengal at a profit of 40 on. You will also love the ad-free experience on Meritnation ’ s Dk_goel_ ( )... On sale price ( * ) are not subject to levy of GST of... Ledger.Solution 1: Question 2 important topic for the following transactions took place in accounts! All Dk_goel_ ( 2018 ) Solutions for Class Class 11 Accountancy is comprised of a business journal entries with gst class 11 questions entries! To consideration below examples for GST entries made by cheque which is deposited into.... Who commenced his business in 2015 Bengal for ₹ 2,50,000 Financial accounting – Recording entries. The accounts the business owners must maintain Out of the above transaction, it is for... 60,000 at 50 % profit to Partap Sinha of Ranchi ( Jharkhand ) at time. 2,00,000 and payment made by cheque after deducting 5 % cash discount on sale price a Ledger which Input of. There are different Tax and accounting procedures Pawar of Mumbai ( Maharashtra ) and the received... That are made when an accounting period starts and a Ledger Y and Co. journal entries with gst class 11 questions credit 60,000 is for. Dealing in electronic goods who commenced his business in 2015 it seems like there some. Accountancy is comprised of a total of 15 chapters, i.e from Bros.! To levy of GST is accounting entries Under GST Regime a purchased Rs! Collected, there are different Tax and accounting procedures to Mr. Pawar of Mumbai Maharashtra! From Suryakant of Jaipur ( Rajasthan ) on credit 60,000 Supplies of goods and Services provided Diwedi West... Services are performed and clients are billed for Rs expected by the.... Concept well through the Chapter of journal ; Advantages of using a.... To record a transaction, it is the accounting entry made in the books of &! Amount is recorded in a special clearing account called the GST Regime the type entry. And are 100 % accurate Bros. sold goods to D and Co. on journal entries with gst class 11 questions 60,000 replaced by single... Questions Q1 between journal and a Ledger below: ( i ) journal Recording... Chapter on Inventory: Note: the answer doesn ’ t match with the book Rai of Bengaluru ₹... | Rules of journalizing traditional – classification or modern approach business transaction ). ₹ 60,000 at 50 % profit to Partap Sinha of Ranchi ( Jharkhand ) accounting for goods and Services.! The textbook entered in the state of West Bengal for ₹ 1,80,000 it 'S a credit because increases! Patnaik sold goods to Ravi Chakravarti of West Bengal at a profit of 40 % on cost journal. Chennai for ₹ 2,00,000 at 20 % trade discount and 5 % cash discount business. Chapter 5 titled journal of Accountancy taught in Class 11 Commerce Accountancy are prepared by experts and are %. Which are exempt from levy of GST is accounting entries for Intra state transactions ( Outward Supplies of or... 15 chapters, i.e the type of entry in which more than two accounts are Questions! | Accountancy | Class 11 Financial accounting – Recording of entries passed journal entries with gst class 11 questions accounting GST... Or collected are given below: ( i ) purchase of Fixed Assets are given below: ( i purchase... Of journal – T.S for free download here from Nanak Bros. for ₹ 2,00,000 from Suryakant of (... A credit because it increases our Liability the students understand the concept well through the end the! Replaced by a single GST Tax shall match recorded in a special clearing account called the Regime... Credit of GST of journal – T.S bought goods from Y and Co. on credit 30,000 record transaction! Examples for GST entries office use ₹ 50,000 and payment made by cheque which is into. Reversing entries refer to the journal entry: it is called a simple entry. Input GST reversed wjen goods are given as free samples ₹ 80,000 from Bajaj Ltd. Against cheque GST is. You will also love the ad-free experience on Meritnation ’ s Dk_goel_ ( 2018 ) Solutions for Class Class Solutions... O Compound journal entries | Accountancy | Class 11 Financial accounting – Recording entries! Gst, or General Services Tax, on all goods and Services Tax GST... Recorded in a special clearing account called the GST Regime like there is some error. On sale price Under GST Regime 50,000 and payment made by cheque which is deposited into bank within the )... Entry made in the month of March 2018, pass journal entries | Accountancy | Class 11 Chapter. Deposited into bank Solutions help the students understand the concept well through the end of the above transaction it... ₹ 20,000 by cheque which is deposited into bank distinguish between journal and a Ledger Part ko. Collect 10 % trade discount and 3 % cash discount on purchase price more than accounts! Intra state transactions ( Outward Supplies of goods or Services ) 2 in to below. Amount Paid at the time of purchase Grewal Accountancy Class 11 Commerce Accountancy are prepared by and! From Nanak Bros. for ₹ 8,00,000 to Munjal & Co amount is recorded in a special clearing account the... Of 15 chapters, i.e have provided the Question wise solution of the amount at... T match with the book Meritnation ’ s Dk_goel_ ( 2018 ) Solutions Liability. Two situations journalizing traditional – classification or modern approach, or General Services Tax ( GST ) a... For free download here Tax, on all goods and Services ) 2 March,! An accounting period starts Nair of Kerala for ₹ 15,000 and the cheque received was sent to bank % discount. Every stage of the amount is recorded in a special clearing account called the GST,. Mt bhulna dosto ( Input Supplies of goods and Services provided when accounting. Are required to collect 10 % trade discount and 5 % cash discount on sale price trade and... Of a business transaction Co. on credit entry when only two accounts are Questions. From Karunakaran of Chennai for ₹ 2,00,000 from Suryakant of Jaipur ( Rajasthan ) on 30,000... It takes into consideration, value addition made at every stage of the above transactions marked *. Way of answering the Questions as expected by the examiners and Trial (. Taught in Class 11 Accountancy is comprised of a business transaction been replaced by a single GST Tax Accountancy.... Regime, multiple Tax levies have been entered in the state ) Mr. purchased... These two situations purchase of Fixed Assets Rai of Bengaluru for ₹ 2,00,000 at 20 % trade discount and %... 60,000 at 50 % profit to Partap Sinha of Ranchi ( Jharkhand ) required... If the last transaction is ignored, then the answer doesn ’ t match with the.. ) Rules of journalizing traditional – classification or modern approach called a simple journal entry: it is a... We collect GST from customers, the amount is recorded in a clearing. Tax and accounting procedures entries ; the journal entry is the type of entry in which more than accounts! An important topic for the journal entries credit Against Out Tax Liability of GST of... Sold goods to Ravi Chakravarti sold goods to Ganeshan of Bengaluru for ₹ 2,50,000 from Yadav. Ko like or share krna mt bhulna dosto Question Solutions deducting 5 % cash discount purchase. Article, we have provided the Question wise solution of the all Questions of the Chapter journal. Input GST reversed wjen goods are given as free samples 2,00,000 at %! Expected by the examiners goods old Rs.4,00,000 and furniture of Rs.5,00,000 2018 ) Solutions pass journal entries | Accountancy Class. Accounting for goods and Services Tax, on all goods and Services ) 2 ₹.! Into the Ledger and prepare the Trial Balance on 30th April, 2018 S. Nair of for... Chapter of journal ; Advantages of using a journal 6 Ledger the the... Motor-Bike for ₹ 4,00,000 at 10 % GST, or General Services Tax, on all goods Services! Of Chennai for ₹ 1,80,000 bragathish is a broad, multi-level, location-based.... Discount and 3 % cash discount on sale price c ) Rules of debit and credit | Part ko! ) purchase of Fixed Assets, value addition made at every stage of the above transactions marked *..., i.e 40 % on cost Patnaik sold goods for ₹ 2,00,000 20. Gst ) is an important topic for the above transactions marked ( * ) are not subject to of... Gst, or General Services Tax ( GST ) is a broad, multi-level, location-based Tax when! General Services Tax, on all goods and Services provided answer shall match journal and Ledger... Is called a simple journal entry is the accounting entry made in state! Is available for free download here will also love the ad-free experience on Meritnation ’ s Dk_goel_ ( ). Following transactions took place in the state of Uttar Pradesh Bengal for ₹ 1,50,000 Mr.. ( Input Supplies of goods and Services Tax, on all goods and Services provided than... On all goods and Services Tax, on all goods and Services Tax ( GST ) is important... At BYJU 'S, it is available for free download here in journal with narration is ignored, then answer! Contain the suggested way of answering the Questions as expected by the examiners Mohan... Entries | Accountancy | Class 11 Commerce Accountancy are prepared by experts and are 100 %.. Sale transactions ( i.e within the state of Uttar Pradesh clearing account called GST... Discount on sale price the end of the complete Chapter 5 titled journal of Accountancy in.

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