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Gst journal entry for advance received

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 June 2017 Hi,

What should be journaled entry when advance received by seller in GST regime?

Ex. Mr. A receives Rs. 118000 (50% advance) from Mr B on 5/7/17. Mr. A pays Gst Rs.18000 To governemnt.

Actual sale occurs in August. - Rs. 236000.

Experts. Please reply.
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Kishanlal Paliwal

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Kishanlal Paliwal (Expert)
20 June 2017 Following is the suggested entry scheme:

Entry scheme under GST

For vendor
Sr. Event Ledger effected D/C Dr.Amt Cr.Amt
1 On advance recd
Cash Dr. 10000
Customer Cr. 10000
GST Advance Dr. 1000
GST Payable Cr. 1000

GST Payable Dr. 1000
Cash Cr. 1000

2 On sales made
Customer Dr. 110000
Sale Cr. 100000
GST Payable Cr. 10000

3 On Payment of GST
GST Payable Dr. 10000
GST Advance Cr. 1000
Cash Cr. 9000

For Customer
1 On advance payment
Vendor Dr. 10000
Cash Cr. 10000

2 On purchase of goods
Purchase Dr. 100000
SGST/CGST/IGST Dr. 10000
Vendor Cr. 110000

3 On Balance payment
Vendor Dr. 100000
Cash Cr. 100000
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