Question

Purchased laptop from Nagesh and co. worth 180000 @ 18% GST journal entry

Answer 1

Laptop A/c Dr. 5,02,400

To Input GST @ 18% 32,400

To Nagesh & Co. 1,80,000

Answer 2

Answer:

Explanation:

If goods is purchased for the purpose of selling it.

Debit purchase a/c and credit the creditors a/c.

Purchase A/c Dr.

To creditors

If goods is purchased for only displaying to attract the customers.

Debit assets(name of asset) and credit vendor a/c.

Asset a/c Dr

To vendor..