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  • Goods and Services Tax Problem 2

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    aishwarya raikar
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    Mr. Rehman started a furniture business and purchased goods worth Rs. 100,000 from Woodstock Furniture on credit. He sold some furniture items to City Furniture. On November 2nd, he paid half of the amount owed to Woodstock Furniture and received payment from City Furniture. He also paid down half of an overdraft from his bank.

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    Gst problem

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    Mr. Rehman started a furniture business and purchased goods worth Rs. 100,000 from Woodstock Furniture on credit. He sold some furniture items to City Furniture. On November 2nd, he paid half of the amount owed to Woodstock Furniture and received payment from City Furniture. He also paid down half of an overdraft from his bank.

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    © All Rights Reserved
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    6 views1 page

    Goods and Services Tax Problem 2

    Uploaded by

    aishwarya raikar
    Mr. Rehman started a furniture business and purchased goods worth Rs. 100,000 from Woodstock Furniture on credit. He sold some furniture items to City Furniture. On November 2nd, he paid half of the amount owed to Woodstock Furniture and received payment from City Furniture. He also paid down half of an overdraft from his bank.

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    of 1

    Goods and Services Tax: Problem 2

    1/11/17 Mr. Rehman started a furniture outlet as M/s Rehman Furnitures by investing cash ₹

    10,00,000, Shop ₹ 10,00,000 and opened a Current Account with Indian Overseas Bank by

    depositing 10,00,000.

    1/11/17 He purchased the following goods from Woodstock Furniture at PUR-0045 credit
    period of 21 days is allowed.
    Item Quantity Rate GST

    Table 10 10,000

    Chairs 10 6,000 16%


    Bed 10 3,500

    1/11/17 He received a commission of ₹15,000 and interest of 10,000.

    1/11/17 He sold some product to City Furniture at SALE-0028 credit period 15 days.
    Item Quantity Rate GST

    Table 9 numbers 15000


    16%
    Chairs 6 numbers 8000

    1/11/17 Paid telephone bill ₹ 2,000 and travelling allowance of ₹1,200.

    1/11/17 Over withdrew ₹50,000 from Indian Overseas Bank for business use.

    2/11/17 Paid half of the amount to Woodstock Furniture by cheque no 05620, dated 2/11/17.

    2/11/17 He received full amount from Woodstock Furniture for sale made on 1/11/17 by cheque

    no 09876 dated 2/11/17.

    2/11/17 Paid half of the overdraft amount.

    www.vedasyspro.com

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