Purchased goods for cash from Barun
journal entry
Answers
Answer:
Purchase a/c dr 10,000
Input IGST a/c Dr 1200(
To Barun A/c 11200
As good comes in it is debited.Gst paid here is Personal acc as the same is recievable in the future so, Dr the reciever and barun becomes our creditor , to whom benefit is yet to b given
For Sales,
Arun Ac Dr 22400
To Output Igst ac 2400
To. Sales acc 20,000
Arun becomes our debtor as benefit is yet to b taken . Igst is credited coz we had recieved it frm arun and we need to further pay it to Governmnt so it is our liability and sales is good goes out.
How to find the amt?
Total benefit we recieved was 22,400 which included Gst. So 112(100+12(gst)) is 22400 , so how many would b 100 , answer is 20,000
Purchased goods from barun of Chandigarh of Rs 10,000 plus IGST at 12% and sold them to Arun of Shimla (HP) at 22,400 including IGST at 12%.What is the journal entry?
For Purchase J.E would be:
Purchase a/c dr 10,000
Input IGST a/c Dr 1200(
To Barun A/c 11200
As good comes in it is debited.Gst paid here is Personal acc as the same is recievable in the future so, Dr the reciever and barun becomes our creditor , to whom benefit is yet to b given
For Sales,
Arun Ac Dr 22400
To Output Igst ac 2400
To. Sales acc 20,000
Arun becomes our debtor as benefit is yet to b taken . Igst is credited coz we had recieved it frm arun and we need to further pay it to Governmnt so it is our liability and sales is good goes out.
How to find the amt?
Total benefit we recieved was 22,400 which included Gst. So 112(100+12(gst)) is 22400 , so how many would b 100 , answer is 20,000