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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GST ACCOUNTING
Replies (2)
Your Client Ledger is not affected, Debit income by GST(s) and Credit it to GST(s) Payable.
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
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