Sale of Motor Car
This query is : Resolved
debgopal samanta
(Querist)
12 July 2020
Can you please tell me what will be the accounting entry for GST on sale of motor car where sale proceeds is not incl of GST. Ex: Car Sold for Rs. 7,00,000/- Wdv as per Cal Rs. 5,00,000/- Margin Money Rs. 2,00,000/- GST @18% Rs. 36,000/- Now please tell me what will be the accounting entry for the same?
Lekhraj sood
(Expert)
13 July 2020
Buyer - debit - 7,00,000/-
Sale of fixed assets- credit -6,64,000
GST payable - credit - 36,000
Sale of fixed assets- credit -6,64,000
GST payable - credit - 36,000
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