purchased machinery of ₹100000. an old machine(personal) valued at ₹15000 was given in exchange and balance was paid by cheque. I.G.S.T was levied and charged @12 %. please answer fast
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Machinery (old ) A/c Dr. 1,00,000
Input IGST A/c Dr. 12,000
To bank A/c 97,000
To machinery (old) A/c 15000
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Answer:
machinery A/c (new). Dr. 100000
input IGST. Dr. 12000
To Machinery (Old). 15000
To output IGST (old). 1800
To Bank A/c. (B/F) 95200
Explanation:
We have to Cr. IGST on exchange of old machine @ 12%(15000*12/100) also Bcoz at the time of exchange the old machine there will be a inflow of IGST
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