Hi
A sold goods to B worth 1000. TDS is 5% and GST is 18%.
What are the journal entries that needs to be passed in the books of Buyer & Seller?
Txs
Yasaswi Gomes new (Finance ) (4492 Points)
06 July 2023Hi
A sold goods to B worth 1000. TDS is 5% and GST is 18%.
What are the journal entries that needs to be passed in the books of Buyer & Seller?
Txs
prasad Nilugal
( GST Practitioner & Accounts )
(14260 Points)
Replied 06 July 2023
Assuming that B has deducted TDS , entries are as follows.
In the books of A ( seller)
B A/c Dr
To Sales A/c Cr
To Out put CGST A/c Cr
To Out put SGST A/c Cr
( sale of goods to B )
Receipt entry
Bank A/c Dr
TDS receivable A/c Dr
To B A/c Cr
( receipt of money after deduction of TDS )
--------------------------------
In the books of B ( Byer)
Purchase A/c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To A A/c Cr
To TDS payable A/c Cr
( purchase of goods from A)
RAJA P M
("Do the Right Thing...!!!")
(127637 Points)
Replied 06 July 2023
Yasaswi Gomes new
(Finance )
(4492 Points)
Replied 06 July 2023
I thought TCS and TDS both mean the same. With a difference between goods and services, the names change perhaps. Sold is correct either cash or credit sales
prasad Nilugal
( GST Practitioner & Accounts )
(14260 Points)
Replied 07 July 2023
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