Mahesh & co Purchased a Computer from Techno Systems in Credit as per Invoice No:TSGST/0234/2019.Details are given below Taxable Value ₹ 45000/-,CGST @ 9% ₹
4050 /-and SGST @ 9%
₹4050/-.One month later Techno Systems issued a Credit note to Mahesh& Co as follows Credit note No.CRN2019/156 Taxable Value ₹ 5000/- and CGST & SGST @ 9% each ₹ 450/-.How to pass Purchase entry and Credit note entries in tally ERP 9.Please give the detailed demonstration.
26 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 November 2019
What Reason for the Credit Note...?
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 17 November 2019
In Tally Erp 9 in F7 pass J.E for Purchase of Computer in the books of Mahesh & co
Put Invoice no & date
1) Computer A/c Dr 45000
Input CGST A/c Dr 4050
Input SGST A/c Dr 4050
To Techno System A/c Cr 53100
( Being purchase of computer vide invoice no -- Dt --- )
you want credit note entry in CLTR 9 in Tally Erp ,May be for price or other reasons will be in books of Techno System
2) Sales Return A/c Dr 4500
CGST A/c Dr 450
SGST A/c Dr 450
To Mahesh & co A/c 5400
( credit note vide note --- dt --- against invoice no ----dt ---)
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 November 2019
@ my dear Mr Prasad Nilugal...
Can You recheck Your reply with purchase entry to CN entry...?
Without credit note reason then How you reply into SALES RETURN...?
Is it SALES RETURN or PURCHASE RETURN...?
If it's PURCHASE RETURN (or SALES RETURN as per You) then Why you account the same (purchase) under Computer Account...?
Can You recheck Your reply with purchase entry to CN entry...?
Without credit note reason then How you reply into SALES RETURN...?
Is it SALES RETURN or PURCHASE RETURN...?
If it's PURCHASE RETURN (or SALES RETURN as per You) then Why you account the same (purchase) under Computer Account...?
subhagan sreerangam
(7054 Points)
Replied 17 November 2019
Reason mentioned in Credit note is ₹ 3000/- for Sales Discount and ₹ .2000/- for Others.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 November 2019
Are You purchased the Computer for sales or using your business...??
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 17 November 2019
Sales return for Techno & co ( credit Note ) and Purchase for Mahesh &co because Credit note will only be prepared by Techno& co and as per query credit Note is issued by Techno & co .
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 November 2019
Dear Mr Prasad Nilugal...
Here I'm not asking where/Who issued the notes...
as per Your said accounting entry the purchase posted in computer ledger then Why it's not debit same to computer ledger...?
As per Your reply it's under computer then debit note (credit note from supplier) accountability into computer head only...
Am I right...?!
Here I'm not asking where/Who issued the notes...
as per Your said accounting entry the purchase posted in computer ledger then Why it's not debit same to computer ledger...?
As per Your reply it's under computer then debit note (credit note from supplier) accountability into computer head only...
Am I right...?!
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 November 2019
If the said transactions for Purchase and Sales process then Not accountable in Computer head (as FA). In case they will maintain stock wise details and process then they will account in Computer (as stock ledger).
Otherwise it's acceptable under purchase account and Purchase return also reversible in purchase account...
If computer account (as stock) then it's reversible on the same head or PandL account as income (discount received)
Otherwise it's acceptable under purchase account and Purchase return also reversible in purchase account...
If computer account (as stock) then it's reversible on the same head or PandL account as income (discount received)
subhagan sreerangam
(7054 Points)
Replied 17 November 2019
Here is no Puchase Return.The buyer Purchased only one Computer with Taxable Value ₹ 45000+18% GST.The Seller dealer issued a Credit note for Price difference ₹ 2000+Discount ₹ 3000.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 November 2019
Hello...
Ask Your query with details without confusion h Confusing......
The Computer for office use or sale by purchaser...
Ask Your query with details without confusion h Confusing......
The Computer for office use or sale by purchaser...
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 November 2019
Just reverse the Rate difference to purchase account...
Discount amount entered to PandL account Discount Received ledger (under indirect income)...
Discount amount entered to PandL account Discount Received ledger (under indirect income)...
subhagan sreerangam
(7054 Points)
Replied 17 November 2019
Dear Rajaji Sir .The following entries are correct or false confirm it.
STEP-1
Purchase Account
Cr - Techno Systems ₹.53100
Dr- Computer Purchase ₹.45000
Dr - CGST @ 9% ₹ .4050
Dr- SGST @ 9% ₹ 4050
STEP-2
in debit note entries as follows
Dr- Techno System ₹ 5900
Cr- Computer Purchase Ac ₹ 5000
Cr- CGST @ 9% ₹ 450
Cr- SGST @ 9% ₹ 450
Total Taxable Value of Computer = ₹ 45000-5000=₹ 40000
Total CGST =₹ 4050-450= ₹ 3600
Total SGST= ₹ 4050- 450 =₹ 3600
Total Credit of Techno Systems = (45000-5000) + (4050-450) +(4050-450)= 40000+3600+3600= 47200.
STEP-1
Purchase Account
Cr - Techno Systems ₹.53100
Dr- Computer Purchase ₹.45000
Dr - CGST @ 9% ₹ .4050
Dr- SGST @ 9% ₹ 4050
STEP-2
in debit note entries as follows
Dr- Techno System ₹ 5900
Cr- Computer Purchase Ac ₹ 5000
Cr- CGST @ 9% ₹ 450
Cr- SGST @ 9% ₹ 450
Total Taxable Value of Computer = ₹ 45000-5000=₹ 40000
Total CGST =₹ 4050-450= ₹ 3600
Total SGST= ₹ 4050- 450 =₹ 3600
Total Credit of Techno Systems = (45000-5000) + (4050-450) +(4050-450)= 40000+3600+3600= 47200.
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