Dear Experts,
Our firm has paid GST demand pertaining to FY 2020-2021, in the month of Sep 2021.
How it could be posted in the Accounting Software?
Can we create the Liability of FY 2020-2021 in this current Financial year?
if so, kindly explain the journal entry details.
Thanks in advance for your replies.
4 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 26 December 2021
Well you please elaborate regarding GST demand . what for you paid ?.
Marimuthu
(Manager)
(525 Points)
Replied 26 December 2021
For not preparing the way bill, we paid the demand in DRC-07
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 26 December 2021
Please refer AS 5 prior period Expense , if you are Firm . You have to show seperately in profit and losss account , as a prior period Expense for E.way bill of F.Y 20-21 paid in the current year .
pass entry
E way expenses for F.Y 20-21 A/c Dr
To Bank A/c Cr
( payment made towards demand of F.Y 20-21).
Note - You can show prior period Expense in the current year as per AS 5 .
pass entry
E way expenses for F.Y 20-21 A/c Dr
To Bank A/c Cr
( payment made towards demand of F.Y 20-21).
Note - You can show prior period Expense in the current year as per AS 5 .
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