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RCM entries in tally

kumara swamy (accontant) (35 Points)

04 January 2021

How to pass the journal entries of rcm in tally.

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2 Replies

Ajay Ingale (15 Points)
Replied 04 January 2021

Expense a/c Dr
cgst on input rcm a/c Dr
sgst on input rcm a/c Dr
To cgst on output rcm a/c Cr
To sgst on output rcm a/c Cr
To Party a/c.

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prasad Nilugal (3914 Points)
Replied 05 January 2021

Expense A/c Dr
To Sundry creditors A/c Cr
( being expense payable and tax payable under RCM)

Reverse Charge A/c Dr
To CGST. A/c Cr
To SGST A/c Cr
( Being tax payable under RCM)

CGST A/c Dr
SGST A/c Dr
To Bank A,/c Cr
(Tax paid to GoVT Account under RCM)

CGST A/c Dr
SGST. A/c Dr
To Reverse Charge A,/c Cr
( entry for Input Tax credit)

Sundry creditors A/c Dr
To Bank A,/c CR
( Expenses paid )