Accounting entries on gst

A/c entries 956 views 5 replies

Ranjit Karmakar

127 Points Joined June 2017

Dear Sir,

According to tally solutions advise on seminar and video presentation they pass the following entries for purchase sales, which is given below :-

PARTY A/C DR. 1,18,000/-

SALES WITH INVENTORY CR. 1,00,000/-

IGST 18,000/-

Tally solutions advise not to maintain input and output ledger, which we maintained during vat regime, My question is after feeding all sales entries in tally according to the advise of tally, not able to extract the details of sales like how many sale done under 18% category or 28% category. In tally on statutory repost it is shown on consolidated manner not in percentage wise. So please advise me how to pass the entries on tally, if I am pass the entries with Input - Output ledger may be later on my tally data not able to export the data on GST portal through utility. I am puzzle, please guide me

Replies (5)

Rupali chavare

Student

7 Points Joined July 2010

How to Hotel exps Bill entry made in tally uder GST system

RAJA P M

"Do the Right Thing...!!!"

128111 Points Joined January 2015

@ Ranjit.,
What you want exactly...?

Ranjit Karmakar

127 Points Joined June 2017

According to tally entry I am not able to extract sales purchase on percentage basis, tally only shows consolidated balances on gst, If i am pass the entries with input and output basis I can ascertain the sales purchase on percentage basis

Rakesh Bandal

Self Employed and Agriculture

1349 Points Joined November 2014

You should create tax categories as per % of tax input and tax output

after creating tax categories, group the ledgers accordingly

following system of VAT grouping will be beneficial

Rama chary Rachakonda

Master in Accounts & high court Advocate

8821 Points Joined December 2011

Dear Rupali,

Pass the voucher entries

1. When hotel employees purchases raw material

Purchase account Debit

bank account or creditor account if purchase is not with cash Credit

2. When payment to the creditors is done .

Creditor account debit

Bank account Credit

3. When products of hotel is sold

Bank account/ Debtor account if not sell on cash debit

Sale account Credit
4. When cash received from debtors

Bank account debit

Debtors account credit
5. When expenses are paid

Respective expenses account debit

Bank account credit

There are also other many transaction , for passing their journal entries , first makes their ledger account , the pass journal entries in Account vouchers .