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Accounting for selling through e commerce platform

ankita chauhan (student-cs) (22 Points)

26 March 2021

I have joined a firm selling through flipkart. But I have no idea of ecomerce accounting. There is more than 100 orders per day which includes commission entries too and tcs/ tds and gst provisions. There is also entries of credit note and sales returns

Please guide how to enter these in books of accounts. Step by step entries will be helpful.

Thanks

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CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 26 March 2021

For GST

Purchase Entry

Purchase a/c dr
Cgst Input a/c dr
Sgst input a/c dr
To Creditors a/c

Sales entry

Debtors a/c dr
to CGST Output a/c
to SGST output a/c
to sales a/c

For GST payment set off

Cgst payable a/c dr
SGST payable a/c dr
to CGST ITC a/c
to SGST ITC a/c
to Electronic Credit Ledger a/c

For GST payment

CGST a/c dr
SGST a/c dr
to Bank a/c

For deduction of TDS(provision for tds)

Nature of transactions a/c dr
to party name a/c
to tds payable a/c

for tds payment

Tds payable a/c dr
to Bank a/c