Question

Q1. Calculate the amount of GST payable to the government. Also pass necessary journal entries.

Output IGST (collected) Rs.88,000 Input IGST (paid) Rs. 88,000
Output CGST (collected) Rs.14,000 Input CGST (paid) Rs. 11,000
Output SGST collected) Rs. 14,000 Input SGST (paid) Rs. 11,000​

Answer 1

Answer:

output igst dr. 88000

To input IGST 88000

( being output igst adjusted against input igst)

output cgst dr. 14000

To input cgst 11000

To bank a/c 3000

(being output cgst adjusted against input cgst and remaining amount tranfered to bank)

output sgst dr. 14000

To input sgst 11000

To bank a/c 3000

(being output sgst adjusted against input sgst and remaining amout tranfered to bank)

the amount of gst payable to government is 6000 ( 3000 + 3000)