Gst paid on Advance received
This query is : Resolved
06 July 2020
Dear Sir,
I have received an Advance of Rs 1 lac from the party in December 2019 for which I issued him a bill and paid the GST. Now in July 2020 I have prepared the bill for the balance amount of 3 lacs and paying gst on it.
My query is that I have issued 1 bill in fy 19-20 and the other bill to the same party in fy 20-21. While taking this into accounts should I consider these bills separately in different financial years or take in one of the financial year. The final amount will be received by the party in July 2020.
Please help me in this matter.
Regards,
Divyesh Jain
I have received an Advance of Rs 1 lac from the party in December 2019 for which I issued him a bill and paid the GST. Now in July 2020 I have prepared the bill for the balance amount of 3 lacs and paying gst on it.
My query is that I have issued 1 bill in fy 19-20 and the other bill to the same party in fy 20-21. While taking this into accounts should I consider these bills separately in different financial years or take in one of the financial year. The final amount will be received by the party in July 2020.
Please help me in this matter.
Regards,
Divyesh Jain
06 July 2020
Take the bill in the current financial year and adjust the advance and GST paid on it.
06 July 2020
Ok, Thanks a lot madam
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