Question

Please give me the answer. Specially answer of 31 march

Pass entries in the books of Devdhar & Bros. Odisha, assuming all transactions have been entered within the state, charging CGST and SGST @ 9% each:

2018
March 4 Purchased goods for ₹ 5,00,000 from Sunil Bros.
7 Goods returned to Sunil Bros. for ₹ 20,000
10 Sold goods to Mehta & Co. for ₹ 8,00,000
12 Goods returned by Mehta & Co. for ₹ 30,000
20 Goods withdrawn by Proprietor for personal use ₹ 10,000
25 Goods distributed as free samples ₹ 5,000
26 Paid advertisement expenses by cheque ₹ 20,000
31 Payment made of balance amount of GST.

Answer 1

Explanation:

see when the books are closed i.e on 31 march all the taxes whether it may be gst vat or tds or any other one are to be balanced in the way like tax received against tax paid and whichever is more i.e has left balance is to be paid to government for e.g if at the end i have 4000 of output cgst/sgst/igst and 3000 of input cgst/sgst/igst then first it would be balanced like this:

output cgst/sgst/igst a/c Dr.3000

To input cgst/sgst/igst a/c 3000

after which the balance i.e 1000 would be paid as:

output cgst/sgst/igst a/c Dr. 1000

To bank/cash a/c 1000

Answer 2

Goods returned by Mehta & Co. for ₹ 30,000