Accounting entry related to sample item
This query is : Resolved
Quick Summary
03 June 2021
Sir If i received any sample item from a foreign supplier then How would be Treated in Tally.
Because
1. I don't have to paid something for the sample item
2. For iGST Input claimed Party has to be credited
Please help me out here.
iF I MAKE THE entry as follows,
Consumable Account ..... Dr.
IGST Account.... Dr.
Custom Duty Account ... Dr.
to IGST Payble
To Custom Payable
To Party account
But How Can be it my consumable.
Because
1. I don't have to paid something for the sample item
2. For iGST Input claimed Party has to be credited
Please help me out here.
iF I MAKE THE entry as follows,
Consumable Account ..... Dr.
IGST Account.... Dr.
Custom Duty Account ... Dr.
to IGST Payble
To Custom Payable
To Party account
But How Can be it my consumable.
03 June 2021
No amount payable to the party, it's free sample, so party account not involved. The entry is like this.
Consumable account dr
To customs duty payable cr
ITC claimable on IGST dr
To IGST payable cr
It's free sample for your consuumtion so it's your consumable.
Consumable account dr
To customs duty payable cr
ITC claimable on IGST dr
To IGST payable cr
It's free sample for your consuumtion so it's your consumable.
03 June 2021
But Sir, For Eg: I Have make the entry as follows
Consumable Account DR.. 10000
Custom Duty Acciount Dr. 250
IGST Acciunt Dr. 100
To Custom Payable 250
To IGST Payable 100
So for remaining Rs. 10,0000 k Credit kisse Karunga
Consumable Account DR.. 10000
Custom Duty Acciount Dr. 250
IGST Acciunt Dr. 100
To Custom Payable 250
To IGST Payable 100
So for remaining Rs. 10,0000 k Credit kisse Karunga
03 June 2021
In Case Instead of Sample item i recived Catelouge Documents then Instead of Debit Consumable which account have been debited?
03 June 2021
It's free supply 10,000 dr to consumable account will not arise, so there will no credit for 10000. Eliminate both dr and cr.
03 June 2021
And What about GST & Custom payment.
03 June 2021
The entry would be (according to the example cited above):
Custom Duty Account Dr. 250
IGST Acciunt Dr. 100
To Custom Payable 250
To IGST Payable 100
Custom Duty Account Dr. 250
IGST Acciunt Dr. 100
To Custom Payable 250
To IGST Payable 100
03 June 2021
Both dr account should go to consumable account.
03 June 2021
Sry Sir Again A doubt raised
When Make The payment for IGST then Why not i take credit for Same
As per Purnima Ji Can I take the Input for IGST as i have paid through RCM
When Make The payment for IGST then Why not i take credit for Same
As per Purnima Ji Can I take the Input for IGST as i have paid through RCM
03 June 2021
Yes, you can take ITC on IGST paid.
In such a case the entry will be.
Consumable account dr
To customs duty payable account cr.
ITC claim account dr
To IGST payable account cr.
In such a case the entry will be.
Consumable account dr
To customs duty payable account cr.
ITC claim account dr
To IGST payable account cr.
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