RAMESH POLINENI SAI (ca) (353 Points)
14 December 2024GST ACCOUNTING ENTRY IS CORRECT OR NOT I AM ASKING
OUT PUT GST A/C DR 10000
TO BANK 10000
ON PAYMENT OF THE GOODS PURCHASED FROM SELLOR BY THE BUYER
ON SALE OF THE GOODS
BANK A/ C DR 12000
IN PUT GST A/ C DR 12000
PAY INOUT TAX CREDIT TO THE GOVERNMENT OF INDIA
INPUT TAX CREDIT A/C DR 2000
TO BANK 2000
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5521 Points)
Replied 14 December 2024
Let's analyze the given accounting entries:
The GST input tax credit would be claimed separately.
*Entry 2: Payment of Goods Sold* Debit: Bank A/c ₹12,000 Credit: GST A/c ₹12,000
The GST output tax liability would be accounted for separately.
1. *Payment of GST Liability* Debit: Output Tax Liability A/c ₹2,400 Credit: Bank A/c ₹2,400 .
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5521 Points)
Replied 14 December 2024
Let's analyze the given accounting entries:
The GST input tax credit would be claimed separately.
*Entry 2: Payment of Goods Sold* Debit: Bank A/c ₹12,000 Credit: GST A/c ₹12,000
The GST output tax liability would be accounted for separately.
1. *Payment of GST Liability* Debit: Output Tax Liability A/c ₹2,400 Credit: Bank A/c ₹2,400 .
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