sold goods to swati journalise the statement
Answers
am assuming that you are registered under GST Act. So let me explain you entry for goods sold to Hari by an example.
Suppose: you sold product X to Hari the price of which is Rs.100 including your profit.And GST rate on the product is 18%. And you both are situated in same , entry will be
1.On Sale
Hari Account (Debtor) Dr. 118.00
To Sale Account …………………….. 100.00
To Output CGST Account ……….. 9.00
To Output SGST Account ……….. 9.00
(Narration : Goods sold on credit to Hari)
2.On payment received
Cash / Bank Account. Dr. 118.00
To Hari Account ( Debtor) ……….. 118.00
( Narration : Amount received from Hari against invoice no……)
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(For credit )
Hari A/C ….dr.
To Sales A/C
(For cash)
Cash A/C…dr
To Sales A/C
(P.S.- If neither cash nor credit is mentioned then assume it as credit sales)
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Journal Entry to Goods Sold
Goods sold can be in different scenarios :
Goods sold on by direct purchase for Hari's order
Purchase entry :
Cost of goods sold (Cost of sales)………………………………………Debit
To Cash (if paid immediately) or Accounts Payable………….. Credit
Sale entry :