journal entry with GST
Answers
Answer:
GST= SGST+ CGST
NOTE:-
SGST=CGST
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Accounting Entries in GST
Case-I Local (Intra-state)
Purchase (18%) Rs. 1,00,000/-
Purchase A/c Dr.
1,00,000
Input CGST A/c Dr.
9,000
Input SGST A/c .Dr.
9,000
To Creditors/Bank A/c
1,18,000
Sale (18%) Rs. 1,50,000/-
Debtors/Bank A/c Dr.
1,77,000
To Sales A/c
1,50,000
To Output CGST A/c
13,500
To Output SGST A/c
13,500
Legal consultation fees (any exps.) Rs. 10,000
Legal fees A/c ..Dr.
10,000
Input CGST A/c Dr.
900
Input SGST A/c Dr.
900
To Bank A/c
11,800
Purchase of Fixed asset for office for Rs. 30,000
Fixed asset A/c ..Dr.
30,000
Input CGST A/c Dr.
2,700
Input SGST A/c Dr.
2,700
To Bank A/c
35,400
Total Input CGST=9,000+900+2,700= Rs. 12,600
Total output CGST=13,500 Therefore Net CGST payable=13,500-12,600=900
Output CGST A/c Dr.
13,500
To Input CGST A/c
12,600
To CGST payable A/c
900
Total Input SGST=9,000+900+2,700= Rs. 12,600 Total output SGST=13,500 Net SGST payable=13,500-12,600=900
Output SGST A/c Dr.
13,500
To Input SGST A/c
12,600
To SGST payable A/c
900
Payment Entry
Net CGST Payable + SGST Payable=1,800
But if, amount paid by bank=2,000 (assume any amount higher than payable),
Then Balance Left in GST PMT-05 = paid- Payable= 2,000-1,800 = 200/-(extra) and such Balance will be adjusted against GST Payable for the next period
Electronic Cash Ledger(GST PMT-05).Dr.
2,000
To Bank A/c
2,000
Entry for GST Liability adjusted against Electronic Cash Ledger (GST PMT-05)
CGST Payable Dr.
900
To Electronic Cash Ledger (GST PMT-05) A/c
900
SGST Payable Dr.
900
To Electronic Cash Ledger (GST PMT-05) A/c
900
< >
Case-II Inter-state.
Purchase (other state) (18%) Rs. 1,00,000/-
Purchase A/c Dr.
1,00,000
Input IGST A/c Dr.
18,000
To Creditors A/c
1,18,000
Sale (same State) (18%) Rs. 1,50,000/-
>
Debtors A/c Dr.
1,77,000
To Sales A/c
1,50,000
To Output CGST A/c
13,500
To Output SGST A/c
13,500
Hope it helps