AA-41 Recording of Advance Receipt With GST

Your Company received full Advance against sales order .

Advance receipt entry

Bank A/c Dr
To Advance (Sales Order) A/c Cr
To CGST A/c
To SGST A/c
( Advance received)

Advance A/c Liability side balance sheet.


Sales booking entry

Trade Debtors A/c Dr
To Sales A/c Cr.
To output CGST A/c Cr
To output SGST A/c Cr
( sales booking entry)


Advance adjustment entry

Advance ( sales order) A/c Dr
CGST A/c Dr
SGST A/c Dr.
To Trade Debtors A/c Cr
( Advance received adjusted)


Output CGST A/c Dr
Output SGST A/c Dr
To Bank A/c Cr
( payment of GST to Govt Account)

Dear Parsad Nilugal Sir,

Thanks for your detailed reply.

can you please educate about sale booking and advance adjustment entry. will these both journal entry will be recorded at same date and time ?

Not many Cases we received full advance, in fact company never receive full advance, above I had given you an example

Normally Company received advance 30% , 40%, 50,% etc , so we have to pass adjustment entry on the day when we receive balance payment not on the date of Sales booking or Invoice date.

Thanks Parsad Nilugal Sir.

You are welcome.

Dear Parsad Nilugal Sir

can you please help me on below as nobody replying it;

I want to know that how p&l appropriation account can maintain in tally prime?

Dr. Retained earning

Cr. Partner 1

Cr. Partner 2

In journal vouchers

You can debit pl account as well but I don't know if it's possible technically