Sold half of the goods purchased on 9th April at 20% Profit and 28% GST
Answers
answer will be divide it gst = gst/100
JOURNAL
Explanation:
For Journal
we have some basic rules
Increase in Liability credit
Decrease in Liability debit
Profit/Sale will be credited
Transaction: sold half goods purchased with gst
Aspect 1. Sale is our revenue so credited
Aspect 2. there is credit sale means increase debtor that is asset so rule is debit
Aspect 3. during sale we get GST that is income for us so credited
Let we Purchase Total Goods = 100
we sale half of these means = 50 with 20% Profit
so Sale = 60
GST = 28%
Debtors A/C 74
To Sale A/C 60
To Output CGST A/C 7
To Output SGST A/C 7
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