Accounting enrty
This query is : Resolved
30 May 2018
water meter purchased for our factory for rs. 4500 + gst
kindly help me to pass accounting entry for the same.
thanks in advance
kindly help me to pass accounting entry for the same.
thanks in advance
30 May 2018
What is the exact uses for the meter in your company...?
If its under Fixed Asset and rate of GST 18% then you will enter as following
Journal :
Dr. Water Meter A/c (under Fixed Asset) - Rs. 4500
Dr. CGST @ 9% - Rs. 405
Dr. SGST @ 9% - Rs. 405
Cr. Party A/c - Rs. 5310...
Payment :
Dr. Party A/c - Rs. 5310
Cr. Cash / Bank A/c - Rs. 5310....
If its under Fixed Asset and rate of GST 18% then you will enter as following
Journal :
Dr. Water Meter A/c (under Fixed Asset) - Rs. 4500
Dr. CGST @ 9% - Rs. 405
Dr. SGST @ 9% - Rs. 405
Cr. Party A/c - Rs. 5310...
Payment :
Dr. Party A/c - Rs. 5310
Cr. Cash / Bank A/c - Rs. 5310....
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