Sub-Division of Journal : Special Purpose Subsidiary books — Important Questions
ICSE · Class 11 · Accountancy
65 important questions from Sub-Division of Journal : Special Purpose Subsidiary books for ICSE Class 11 Accountancy, with answers.
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Important Questions from Sub-Division of Journal : Special Purpose Subsidiary books
A customer returns goods worth ₹30,000 from an inter-state sale. GST is 12%. What is the Output IGST amount to be credited?
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₹3,600
For an outside-state sale return, IGST is the full GST rate. IGST = 12% of ₹30,000 = ₹3,600. This amount is credited to Output IGST Account in the sales return process.
A credit sale within the state shows list price ₹14,200 and trade discount 10%. GST is 5%. What is the total amount entered in the sales book?
Show answer
₹13,419
Net amount = ₹14,200 − 10% of ₹14,200 = ₹12,780. GST at 5% on ₹12,780 = ₹639. Since the sale is within the state, this splits into Output CGST ₹319.50 and Output SGST ₹319.50. Total = ₹12,780 + ₹319.50 + ₹319.50 = ₹13,419.
A credit purchase from another state shows net amount ₹30,600 and GST rate 12%. What is the total amount payable including IGST?
Show answer
₹34,272
For an outside-state transaction, IGST equals the full GST rate. IGST = 12% of ₹30,600 = ₹3,672. Total amount payable = ₹30,600 + ₹3,672 = ₹34,272.
A goods return to a supplier is valued at ₹4,000 and the transaction is within the state with GST 10%. What is the amount of each of CGST and SGST?
Show answer
₹200 each
Within the state, CGST and SGST are equal parts of GST. GST 10% means 5% CGST and 5% SGST. 5% of ₹4,000 = ₹200. So each part is ₹200.
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