Pass a journal entry in each of the following cases: (i) A running business was purchased by Mohan with following assets and liabilities: Cash -…

Particulars ₹ (i) Cash A/c Dr. 20,000 Land A/c Dr. 40,000 Furniture A/c Dr. 10,000 Stock A/c Dr. 20,000 To Creditors 10,000 To Bank overdraft 20,000 To Capital A/c 60,000 (Being commencement of business by Mohan by taking over a running business). (ii) Gagandeep’s A/c Dr. 89,600 To Sales A/c 80,000 To Output GST A/c 9,600 (being goods sold to Gagandeep at trade discount of20% and charged IGST @12%) (iii) Advertisement Expenses A/c Dr. 10,000 To Purchases A/c 10,000 (Being goods distributed as free sample) (iv) Sales Return A/c Dr. 32,000 Output IGST A/c Dr. 3,840 To Gagandeep A/c 35,840 (Being goods returned by Gagandeep and output IGST charged at the time of sales now reversed) (v) Cash A/c Dr. 3,000 Bad Debts A/c Dr. 3,000 To Kuldeep 6,000 (Being Kuldeep become insolvent)