Accounting of purchases and sales at invoice value ?
This query is : Resolved
12 August 2019
while accounting can purchases and sales should be shown at invoice value ? since client needs turnover and purchases at invoice value
if sales is shown at invoice value it contains taxable value + gst received from customers
but my doubt is in case of purchases shown at invoice value contains taxable value + gst paid (input credit)
what should be the treatment for input credit whether it has to be shown as asset or expenditure
if it is considered as asset what will be the respective credit ?
can any one clear my doubt regarding this
if sales is shown at invoice value it contains taxable value + gst received from customers
but my doubt is in case of purchases shown at invoice value contains taxable value + gst paid (input credit)
what should be the treatment for input credit whether it has to be shown as asset or expenditure
if it is considered as asset what will be the respective credit ?
can any one clear my doubt regarding this
Gokul Sharma
(Expert)
12 August 2019
take input of purchases and set off with your GST Liabilities.
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