Journal entries on reversal charges(office rent)
This query is : Resolved
M.GURURAJU
(Querist)
27 September 2017
Sir/Madam,
I need advice/suggestion in passing JV's on Reversal Charges(Office Rent) of GST. For instance we have liability on Reversal Charges 10000/-monthly(CGST 5000 & SGST 5000) how to make entry for the same and setoff Journal entries
Thanks in advance
Regards,
GURURAJ M
I need advice/suggestion in passing JV's on Reversal Charges(Office Rent) of GST. For instance we have liability on Reversal Charges 10000/-monthly(CGST 5000 & SGST 5000) how to make entry for the same and setoff Journal entries
Thanks in advance
Regards,
GURURAJ M
Udaya Chandran
(Expert)
27 September 2017
> Liability creation for RCM
Debit GST-RCM-Deferred Input-CGST/SGST/IGST
Credit GST-RCM-Output-CGST/SGST/IGST
> Payment of RCM Liability
Debit GST-RCM-Output-CGST/SGST/IGST
Credit GST-e-Cash-Ledger-CGST/SGST/IGST
Debit GST-e-Cash-Ledger-CGST/SGST/IGST
Credit Bank
> Transferring to avail Input on RCM
Debit GST-RCM-Input-CGST/SGST/IGST
Credit GST-RCM-Deferred Input-CGST/SGST/IGST
Debit GST-RCM-Deferred Input-CGST/SGST/IGST
Credit GST-RCM-Output-CGST/SGST/IGST
> Payment of RCM Liability
Debit GST-RCM-Output-CGST/SGST/IGST
Credit GST-e-Cash-Ledger-CGST/SGST/IGST
Debit GST-e-Cash-Ledger-CGST/SGST/IGST
Credit Bank
> Transferring to avail Input on RCM
Debit GST-RCM-Input-CGST/SGST/IGST
Credit GST-RCM-Deferred Input-CGST/SGST/IGST
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