| GST ON ADVANCE RECEIPT' | ||||||||
| I HAVE DEPOSITED THE GST @ 18% ON ADVANCE RECEIPT IN JULY 2017. | ||||||||
| QUESTION: IN AUGUST 2017 I ISSUED THE INVOICE GST @ 5% TO THE CUSTOMER. | ||||||||
| QUERY: 1. HOW WOULD I ADJUST THE BALANCE AMOUNT OF GST WHICH I DEPOSITED @ 18%. | ||||||||
| WHICH JOURNAL ENTRIES TO BE PASSED . | ||||||||
| JULY-2017 | 8,474.00 | BASIC | ||||||
| 1,526.00 | GST @ 18% | |||||||
| 10,000.00 | ADVANCE RECEIVED | |||||||
| AUG-2017 | 9,524.00 | BASIC | ||||||
| 476.00 | GST @ 5% | |||||||
| 10,000.00 | ||||||||
Gst on advance received
dheeraj (accountant) (25 Points)
05 October 2017
CAclubindia
