Question

Tally ques.. journal. . Entry...Dr. cr... solds goods to sitaram on credit 500

Answer 1

I 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 State.So, 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……)