Purchased motor car from Tata & company worth₹ 200000 at 18% GST. Find out GST amount
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Answer:
1) GST Amount Rate is exclusive = 36000 i.e. (200000 × 18%)
2) GST Amount Rate is inclusive = 30508 i.e.(200000×18÷118)
Explanation:
Given:
- Motor Car Value = Rs.200000
- Rate of GST = 18%
- GST Amount = (1) × (2) i.e. 200000 × 18% =36000
If GST is inclusive then, GST amount is 200000×18÷118 =30508
Journal Entry (GST is inclusive) :
Motor car A/c------------Dr 169492
GST A/c--------------------Dr 30508
To Tata & Company A/c 200000
(Being Motor Car purchased)
Journal Entry (GST is exclusive) :
Motor car A/c------------Dr 200000
GST A/c--------------------Dr 36000
To Tata & Company A/c 236000
(Being Motor Car purchased)
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