Journal entry
Abhishek Selvam O (374 Points)
08 May 2020
What is the Journal entry for gst refund accrued but not recived.
7 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 08 May 2020
first entry will be
1) GST Refund A/c Dr
Out Put GST A/c Dr
To Input GST A/c Cr
( Being GST refund receivable )
2) Entry for GST refund Accrued but not received
GST refund receivable A/c Dr
To GST Refund A/c Cr
( GST Refund Accrued but not received )
3) When we received GST Refund
Bank A/c Dr
To GST refund receivable A/c Cr
( Being refund received )
Abhishek Selvam O
(374 Points)
Replied 08 May 2020
For first entry why output gst? and input should we mention cgst,sgst&igst separately
prasad Nilugal
(3914 Points)
Replied 08 May 2020
Yes you correct , above . is for example otherwise you have mentioned CGST ,. SGST , IGST both out put and input Tax .
sabyasachi mukherjee
(27574 Points)
Replied 09 May 2020
ITS NOT ADVISABLE TO CREATE TWO ACCOUNTS
1. GST REFUND
2. GST RECEIVABLE..
YOU ARE JUST TRANSFERRING GST REFUND TO GST RECEIVABLE.
BOTH THE ACCOUNTS NATURE ARE SAME.
1. GST REFUND
2. GST RECEIVABLE..
YOU ARE JUST TRANSFERRING GST REFUND TO GST RECEIVABLE.
BOTH THE ACCOUNTS NATURE ARE SAME.
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 09 May 2020
For Accrual one has to pass GST receivable entry for example on 31st March .
sabyasachi mukherjee
(27574 Points)
Replied 09 May 2020
In other cases you should not pass this entry.
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 09 May 2020
But Abhishek (queriest ) is asking for accrual entry may be for year end .
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