GST RCM Accounting Entry

This query is : Resolved

Nishad (Querist)
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04 December 2019 Dear Expert,

W had received an Invoice from URD for professional charges Bill amount 142000
Pls advice the total entries

1. Expense Booking entry
2. GST Booking and set off entry
3. Payment of GST entry
If any other

Gokul Sharma

Gokul Sharma (Expert)
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04 December 2019 exp a/c ............dr
ITC a/c ........dr
to rcm liability
to party

rcm liability a/c ...........dr
to bank

Gokul Sharma

Gokul Sharma (Expert)
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04 December 2019 GST OUTPUT A/C DR
TO ITC
TO BANK

Nishad

Nishad (Querist)
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04 December 2019 Pls explain with amounts

A.S.SUNDARARAJAN

A.S.SUNDARARAJAN (Expert)
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05 December 2019 Professonal charges DR
GST RCM DR
Vendor CR
GST RCM CR

GSR=T RCM DR
GST Payable CR

GST Payable DR
Bank account CR

Nishad

Nishad (Querist)
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05 December 2019 Hi,

Please look below & advice this is correct?

1- Expense booking with RCM
Professional fee 1,00,000 (Dr)
Input CGST RCM 9,000 (Dr)
Input SGST RCM 9,000 (Dr)
CGST RCM Payable 9,000 (Cr)
SGST RCM Payable 9,000 (Cr)
TDS Payable - 194J 10,000 (Cr)
Vendor 90,000 (Cr)

2- GST ITC Entry
Input CGST 9,000 (Dr)
Input SGST 9,000 (Dr)
Input CGST RCM 9,000 (Cr)
Input SGST RCM 9,000 (Cr)

3- Payment of GST RCM
CGST RCM Payable 9,000 (Dr)
SGST RCM Payable 9,000 (Dr)
Bank 18,000 (Cr)

Gokul Sharma

Gokul Sharma (Expert)
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06 December 2019 yes...................its correct

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