Purchased Home Worth 2 Crore, Paid Full in Cash | FinShorts#237

A trader purchased cosmetics worth Rupee 8000 and sold it to a customer for Rupee 10,000. The rate of GST is 18%. Complete the following activity to calculate CGST and SGST paid by the trader.

What will be the effect of the following on the Accounting Equation :- 1. Purchased goods for Rs.20,000 from Mahesh on Credit. 2. Sold goods to Suresh costing Rs.8,000 for Rs. 10,000 in cash. 3. Paid Wages Rs.500. 4. Withdrew in cash for private use Rs. 2,000. 5 Paid to creditors Rs. 5,000.

A purchases goods worth ₹ 6,200 from B and gives him his acceptance for ₹ 6,000 in full satisfaction. B purchases goods worth ₹ 10,000 from C and endorses the bill to him, paying the balance by cheque.on maturtiy the bill is dishonoured , noting charges amounted to ₹ 100. Give the Journal entries in the books at A,B and C.

Show the accounting equation on the basis of following transactions : (i) Commenced business with Cash Rs.20,000, Goods Rs. 50,000 and Furniture Rs. 30,000. (ii) Purchased goods from Gopal on Credit Rs.40,000. (iii)Sold goods for Cash Rs.40,000 (Costing Rs. 30,000). (iv) Sold goods to Ram on Credit Rs. 65,000 (Costing Rs. 50,000). (v) Withdrew for personal use goods costing Rs. 5,000. (vi) Purchased typewriter for personal use of the proprietor Rs. 20,000. (vii) Purchased chairs for office use for Cash Rs. 10,000. (viii) Paid for printing Rs. 500 and received Commission Rs.1,200. (ix) Introduced fresh Captial Rs. 40,000. (x) Paid to Gopal Rs. 30,000.