madhura (dombivli) (50 Points)
31 July 2021⁉️❓❗Query regarding ⌨️💻A/cing entry :-- Client has paid subscriptttion fees to tally & entered it as purchase invoice bcoz IGST is paid @ 18% bt it should be classified as repairs & maint exp right..? so how to do A/cing & how to use that IGST credit ...? pls guide
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 31 July 2021
Even this is a purchase of subscripttion service right? Same way, repairs & maintenance too is a purchase of service.
If you meant that the voucher type is purchase (instead of journal), this should not be a problem provided the expense is debited to the right account head say computer maintenance in this case.
Input tax credit on the same can be availed as usual.
CA Misha Vidhani
(Practicing Professional)
(161 Points)
Replied 31 July 2021
Pass another entry as:-
Repair and Maintainance Expense A/c Dr
Puchase A/c Cr. (under stock Head which was entered in first entry)
Value for this Entry shall be the amount before GST
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 31 July 2021
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