Accountanting entries

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This discussion covers fundamental accounting entries for sales and purchases, with a specific focus on Goods and Services Tax (GST). It explains how to record transactions for both composition and regular dealers, including how GST is handled when paying vendors and raising invoices for services. The aim is to provide clarity on basic service sector accounting with GST.

Atul Nagarkar

Atul Nagarkar (Querist)
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17 October 2022 I want to know about sales d purchase accounting entries with gst .

If any gst on any service. How to do entries with gst.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 October 2022 Whether you are composition dealer or regular dealer?

Atul Nagarkar

Atul Nagarkar (Querist)
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18 October 2022 For both composition and regular

Atul Nagarkar

Atul Nagarkar (Querist)
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18 October 2022 I want to know about basic accounting entries for any service sector also.
Payment received entry

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 October 2022 Generally GST is collected from purchaser on behalf of government, and the same is paid back after claim of ITC.
So, for Regular dealer ... when it is paid to any vendor/creditor
Dr. Vendor/creditor
Dr. GST
Cr. Bank/cash

While any invoice is raised for supply...
Cr. Service rendered
Cr. GST
Dr. Debtor/ bank/cash...

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