Regarding journal entries of gst payable
This query is : Resolved
17 August 2017
Respected Experts
We have following input and output GST
O/P CGST - 36630
O/P SGST - 36630
O/P IGST - 52081
I/P CGST - 51512
I/P SGST - 51512
I/P IGST - 10590
And above following figures we got IGST PAYABLE 11727
PLEASE TELL ME HOW TO PASS JOURNAL ENTRIES FOR GST PAYABLE
We have following input and output GST
O/P CGST - 36630
O/P SGST - 36630
O/P IGST - 52081
I/P CGST - 51512
I/P SGST - 51512
I/P IGST - 10590
And above following figures we got IGST PAYABLE 11727
PLEASE TELL ME HOW TO PASS JOURNAL ENTRIES FOR GST PAYABLE
Amol S Joglekar
(Expert)
18 August 2017
transfer the balances to O/P IGST.
01.
Debit O/P CGST 36630
Debit O/P SGST 36630
Credit I/P CGST...............36630
Credit I/P SGST................36630
02.
Debit O/P IGST 52081
Credit I/P CGST............14882
Credit I/P SGST............14882
Credit I/P IGST.............10590
Credit Bank..................11727
If various GST accounts viz sgst, cgst, igst, ugst are grouped under duties and taxes in Tally, no need to pass payable entry as such.Alternatively, in SAP or similar packages, group these accounts under same group.
01.
Debit O/P CGST 36630
Debit O/P SGST 36630
Credit I/P CGST...............36630
Credit I/P SGST................36630
02.
Debit O/P IGST 52081
Credit I/P CGST............14882
Credit I/P SGST............14882
Credit I/P IGST.............10590
Credit Bank..................11727
If various GST accounts viz sgst, cgst, igst, ugst are grouped under duties and taxes in Tally, no need to pass payable entry as such.Alternatively, in SAP or similar packages, group these accounts under same group.
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Amol S Joglekar
(Expert)
21 August 2017
you are most welcome.......
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