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GST ACCOUNTING

24 April 2018

Receipt from client - 100000
GST will not be received from client thus I am paying GST as my liability.

what will be accounting entry to set of my client ledger and GST ledger?

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2 Replies

Mohamed Rashid T (Student CA IPC / IPCC) (23 Points)
Replied 24 April 2018

Your Client Ledger is not affected, Debit income by GST(s) and Credit it to GST(s) Payable.

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Divakar (Student CA Final ) (11857 Points)
Replied 24 April 2018

That is inclusive of GST amount in this case.... Do this like 100000/100*118=84745 ur income and balance GST liability.... Debtor A/c Dr.... 100000 To income A/c 84745....To output GST A/C 15255