A Mumbai based trader dealing in sports material bought some sports material of Rs. 35,000 from Chandigarh . For this transaction he paid IGST at 12% . In turn he sold this material to a Mumbai based All Rounder Cricket club for Rs. 70,400 . This price includes Rs. 6,600 as 12% GST . Based on this calculate GST payable by the trader.

Trader of Mumbai (M) purchased some electronic parts from trader of Kerala (K) and he paid tax of 6000 as IGST to trader in Kerala (K). Trader of Mumbai sold these electronic parts to local consumer for 32,143 and collected 9000 GST. Basedo calculate GST payable by the trader of Mumbai.

Record the following transactions of Harry Marketing, Amritsar into proper subsidiary books, close the subsidiary books on 31st January and post them into Ledger Accounts: 2019 January 1 Purchased Readymade Clothes from Mahendra of Delhi of the list price of Rs. 40,000 less 10% Trade Discount plus IGST @ 12%. January 5 Sold Readymade Clothes to Mohan, Amritsar for Rs. 10,000 less Trade Discount CGST and SGST @ 6% each. January 6 Returned goods to Mahendra of the list price of Rs. 5,000. January 7 Shyam Singh, Delhi sold Readymade (Men) Clothes ot us for Rs. 30,000 plus IGST @ 12%. January 8 Sold Readymade Clothes (Men) to Harish, Amritsar for Rs. 12,000. Charged CGST and SGST @ 6% each. January 19 sold Readymade Clothes to Mohan, Amritsar for Rs. 6,000. Trade Discount 10% plus CGST and SGST @ 6% each. January 27 Sold Readymade Clothes to Mahesh, Varanasi for Rs. 8,000. Charged IGST @ 12%.

Pass Journal entries in the books of Puneet, Delhi for the following: (i) Received an order from Karan & Co. for supply of goods of Rs. 50,000. (ii) Received an order from AK & Co. for goods of Rs. 1,00,000 along with a cheque for Rs. 25,000 as advance. (iii) Paid to staff Rs. 40,000 against outstanding salary of Rs. 60,000. (iv) Sold goods to Bharat, Kaithal (Haryana) of Rs. 10,000 plus IGST @ 12% out of which 1/5th were returened being defective. (v) Chaque of Rs. 20,000 issued by Feroz was dishonoured. (vi) Received 40 paise in a reupee form Feroz against the above dues. (vii) Received a cheque of Rs. 25,000 from Mohan after banking hours. (viii) Purchased goods form Barun of Chandigarh of Rs. 10,000 plus IGST @ 12% and sold them to Arun of Shimla (HP) at Rs. 22,400, including IGST @ 12% . (ix) Arun returned goods of Rs. 6,720, including IGST which were returned to Barun. (x) ABC & Co. purchased 10TV sets @ Rs. 20,000 per set and paid IGST @ 12% It sold all the sets @ Rs. 25,000 per set plus CGST and SGST @ 6% each. (xi) Paid insurance of Rs. 12,000 plus CGST and SGST @ 6% each for a period of one year. (xii) Sold personal car for Rs. 1,00,000 and invested the amount in the firm. (xiii) Goods costing Rs. 1,00,000 were destroyed in fire. Insurance company admitted the claim for Rs. 75,000. These goods were purchased within Delhi. (xiv) Purchased machinery for Rs. 56,000 including IGST of Rs. 6,000 and paid cartage thereon Rs. 5,000 and installation charges Rs. 10,000. (xv) Goods costing Rs. 40,000 sold to Mr. X at a profit of 20% on sales less 10% Trade Discount plus CGST and SGST @ 6% each and received a cheque under 2% cash discount. (xvi) Purchased machinery from New Machinery House for Rs. 50,000 and paid it by means of a bank draft purchased from bank. Paid bank charges Rs. 500.

Journalise the following in the books of Amit, Saini, Gurugram (Haruana): (i) Goods of Rs. 5,000 were taken by him for personal use. (ii) Rs. 2,000 due from Sohan were bad debts. (iii) Goods of Rs. 6,000 were destroyed by fire and were not insured. (iv) Paid Rs. 4,000 in cash as wages on installation of machine. (GST is not to be levied). (v) Sold goods to Arjun of Delhi of list price Rs. 20,000. Trade discount @ 10% and cash discount of 5% was allowed. He paid the amount on the same day and availed the cash discount. (vi) Received Rs. 2,000 from Ramesh, whose account was written off as bad debts. (vii) Goods costing Rs. 1,000 given as charity. (viii) Received Rs. 9,750 from Ramesh in full settlement of his account of Rs. 10,000. (ix) Paid rent in advance Rs. 4,000. CGST and SGST is to be levied on intra-state sale @ 6% each and IGST @ 12% on inter-state sale.

Journalise the following. (i) Goods purchased for Rs. 5,000 were used by the proprietor for personal purposes. (ii) Rs. 200 due from Hari are bad debts. (It is not subject the levy of GST.) (iii) Goods uninsured of Rs. 3,000 (purchase cost) were destroyed by fire. (iv) Goods costing Rs. 1,000 damaged by fire and Insurance Company accepted claim of Rs. 800 and cheque is received from the Insurnace Company. (v) Goods costing Rs. 500 given as charity (Sales Price Rs. 600). (vi) Paid landlord Rs. 1,500 for rent. (vii) Sold household furniture for Rs. 5,000. It is not subject to levy of GST being personal asset of the proprietor. The proprietor. The proceeds were invested into business. All transactions (except otherwise stated) are subject to levy of CGST and SGST @ 9% each.

Following is the Receipts and Payments Account of Mumbai Club for the year ended 31st March 2019 : Additional Information (i) Stationery Expenses Rs 31,200 related to the year ended 31st March 2018 and outstanding for the year ended 31st March 2019 was Rs. 36,400. (ii) Subscriptions unpaid for the year ended 31st March 2019 Rs. 86,800, Subscriptions for Governor's Party outstanding for the year ended 31st March 2019 Rs. 55,000. Governor's party is to be held in April 2019. (iii) The club owned sports materials of the value Rs. 16,00,000 on 1st April 2018, This was valued at Rs. 13,50,000 on 31st March 2019 . Stock includes Sports Materials of Rs. 50.000, Which is to be written off being not useable. The club took a loan of Rs. 20,00,000 in the year ended 31st March 2018. Prepare Income and Expenditure Account for the year ended on 31st March 2019 and Balance Sheet as at that date.

Ravi sold goods for Rs 40,000 to Sudershan on Feb 13, 2016. He drew four bills of exchange upon Sudershan. The first bill was for Rs 5,000 payable after one month. The second bill was for Rs10,000 payable after 40 days, the third bill was for Rs 12,000 payable after three months and fourth bill was for the balance amount payable after 19 days. Sudershan accepted all the bills and returned the same to Ravi. Ravi discounted the first bill with his bank at 6% p.a. He endorsed the second bill to his creditor Mustaq for the full settlement of a debt of Rs 10,200. The third bill was kept by Ravi with him till the date of maturity. Five days before the maturity of the fourth bill, Ravi sent the bill to his bank for collection. All the four bills were dishounoured by Sudarshan on maturity. Sudershan settled Ravi’s claim in cash three days after the dishonour of each bill along with interest @ 12% p.a. for the terms of the bills. You are requested to record the necessary journal entries in the books to Ravi, Sudershan, Mustaq and bank for the above transaction. Also prepare Sudershan’s account and Mustaq’s account in the books of Ravi.

Rakesh's father gifted him a cricket bat on his birthday. The cost of the bat was rs 800. Few months later, Rakesh sold it to Nishant, one of his school friends for rs 850. he was very happy to earn a profit of rs 50. He was boosted by this transaction and after completing his sports materials under the name M/s Rakesh Traders. Rakesh and Nishant both act like an agent as well as principal of each other. Firm soon started earning good profit. RAkesh's father suggested them to spend some money on social responsibilities. they then decided to donate free sports goods to schools which were financially weak. (a) Can the transaction between Rakesh and Nishant be termed as business transaction? Give reason. (b) Can the transaction between M/s Rakesh Traders and other persons be termed as business transaction? Give your reason. (c) Which feature of partnership form of business is mentioned above? (d) According to you which value motivated the partners to donate sports goods? Give one suitable value.