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GST Accounting

Dipam Guha Thakurata (148 Points)

27 November 2017

what will be the journal entries for IGST Adjudtments with CGST and SGST and IGST,CGST,SGST Payable?

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 27 November 2017

You ll be create "Adjustment Account" for three heads and adjust directly inputs and outputs to direct heads then you ll be adjust to other heads...
Finally you can get your exact figures as ITC / Liabilities...

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RE.Vishresh (Accounts Executive) (220 Points)
Replied 27 November 2017

Yes... I agreed to Mr RAJA P M Sir.,

create as

IGST ADJUSTMENT ACCOUNT

CGST ADJUSTMENT ACCOUNT

SGST ADJUSTMENT ACCOUNT.....

ADJUST YOUR IGST INPUT AND OUTPUT IN IGST ADJUSTMENT ACCOUNT.... ALSO FOLLOW THE SAME UN OTHER HEADS...

FINALLY YOU CAN GET YOUR TAXES AS ITC OR LIABILITY...

I FOLLOW THE SAME AND THE ADVISE FROM RAJA P M SIR.....

I THANKS TO MR RAJA P M SIR.....👍👍👍👍👍

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