TRANSACTIONS OF REGISTERED REGULAR DEALER

Journalize the following transaction of Newtech Computers GST Registration Type: Regular (GSTIN: 37AADCB2230M2ZR) RAJAHMUNDRY transacting in Computer parts @ 18% GST for the financial year 2017-18

Opening Balances as on 1-7-2017:

Capital: 10,00,000/-; Andhra Bank A/c: 20,000/-; AXIS Bank A/c-50,000/-; stock :6,25,000/- (Zenith CPU 20nos@15000each,LG Monitors 30nos@8000 each; Logitech Mouses 200@300each; Frontech Keyboard 100@250 each; Debtors:3,15,000/- (Yes Computers-1,50,000;Byte Computers-1,65,000); Creditors: 1,80,000/- (Zenith & Co-1,00,000/-; Sam&Co-30,000/-;Sri Computer World-50,000); Mobile Van: 1,20,000/-; cash-in-hand:50,000/-

Jul 1                 Purchased 50 zenith CPU from Zenith&Co (GSTIN: 37AABCS1429B1ZT) worth of Rs. 9,00,000/- @GST 18% (Local Regular Purchase)

Jul 1                 Returned 19 zenith Computer to Zenith &co (Local Purchase Returns)

Jul 1                 Sold 14 Zenith CPU to Byte Computers Institute (GSTIN: 37AAACI1681G2ZN) for Rs. 2,80,000/-@ GST 18% (Local Regular Sales)

Jul 1                 Byte Computers returned 4 Zenith CPU (Local Sales Returns)

Jul 1                 Purchased 100 Zenith Mouses from Sri Computer World (Composition Dealer) (GSTIN: 37FSTPS7508K1ZN) for Rs. 15,000/- (Local Composition Purchase)

Jul 1                 returned 10 Zenith Mouses to Sri Computer World (Local Comp Pur Returns)

Jul 2                 Sold 90 Logitech mouses to Yes Computers (Composition Dealer) (GSTIN: 37FSTPS9233K1ZL) for Rs. 27,000/- (Local Composition Sales)

Jul 2                 Yes computers returned 10 Logitech Mouses (local Comp Sales Returns)

Jul 2                 Purchased 80 Samsung Monitors from Sam&Co (UnRegistered Dealer) for Rs. 4,80,000/-

Jul 2                 Returned back 20 Samsung Monitors (Local UR Purchase Returns)

Jul 31               Sold 50 Samsung Monitors to Pavan & Co (UnRegistered Dealer) for Rs. 4,00,000/-

Jul 31               Pavan&Co returned 10 monitors

Jul 31               Purchased 100 Acer Keyboards from Jain&Co, Mumbai (Regular GSTIN: 27AAACC4175D1ZY) @280/- each (Inter State Purchase)

Jul 31               Sales 5 LG Monitors@6500, 20 Zenith Mouses@300, 30 Acer keyboards@350 to JoyRam Spares, Kolkata, West Bengal (Regual GSTIN: 19AAACI1681G1ZM) (Inter State Sales)

Jul 31               Sold 1 Zenith CPU Rs. 22,000/-, 1 LG Montor for Rs. 6,500/- , Frontech Keyboard Rs. 300, 1 Logitech Mouse Rs. 350/- to Ramesh, Visakhapatnam (Consumer)

cash received from Ramesh for above transaction.

Jul 31               Cash Sales 30 zenith CPU @ 20000/- each to Yes Computers through cheque drawn on SBI, cheque deposited in AXIS Bank

Jul 31               Cheque No. 450700 drawn on AXIS Bank for Rs. 5,00,000/- issued to Zenith&Co.  

Jul 31               Cheque No. 142536 drawn on AXIS bank is received from Byte Computers Rs. 2,75,000/-

Solution:

Opening B/s: 11,80,000/-

Closing Stock: 5,76,785.29 TB: 37,78,077/-GP/NP: 2,40,935.29/-;B/S: 21,71,862.29/-