08 January 2019
Sir, There is a Provision for accounting charges of 18000 and provision for audit fees of 23000 as on 31/03/18 Now in F.Y 18-19 Bill of 21240 of accounting charges(difference is of CGST and SGST) of F.Y 17-18 is received and Bill of 23600 for audit fees is received and payment for above bills is made in sep 2018.Now I would like to know the correct accounting entry in both the F.Y? Thank You
08 January 2019
You will have to pass a journal entry to record only the CGST and SGST of the invoice as the expenses were already booked in FY 2017-18. Debit the provisions, Debit both CGST receivable and SGST receivable and credit the 'creditor parties' account with the total amount.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
08 January 2019
But sir this a pvt ltd co. then in that case also I have to show CGST and SGST receivable?and I passed the following entry in F.Y 18-19 as this is the case of short provision Accounting charges payable a/c Dr 18000 Accounting charges A/c Dr 3240 To Bank A/c 21240 showing net effect of the entry and same in case of audit fees. Audit Fees payable a/c Dr. 23000 Audit Fees a/c Dr. 600 To Bank a/c 23600 Plz correct if I am wrong.
CAclubindia
