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Sales, purchases with GST

Yasaswi Gomes new (Finance ) (4484 Points)

16 September 2022

Hi,

Can someone help me with the Purchases and Sales journal entries with GST on income statement and Balance sheet? Tally Sales transaction does not use Credit/To or Debit/By representations.

Txs

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2 Replies

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 16 September 2022

Purchases A/c Dr
GST ITC A/c Dr
To Creditor

Debtor A/c

To Sales
To GST Output

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Yasaswi Gomes new (Finance ) (4484 Points)
Replied 17 September 2022

@ Eswar Reddy S I hope you have time to give me info regarding this

"In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework. This elevation of the importance of the Framework was added in the 2003 revisions to IAS 8."

Can you kindly quote me the equivalent AS Prior period changes paragraph?

Txs.