GST Practitioner & Accounts
15022 Points
Joined March 2014
You have to pass two separate entries for receipt of fees and payment of MDR expenses
1) School fees Collected in POS Marchant Machine and deposited in your Bank .( receipt entry)
Bank A/c Dr. 162226.76
To Tution fees A/c Cr 162226.76
( Tution fees Collected )
Tution fees Collected Transfer to Income & Expenditure Account entry
Tution fees. A/c Dr
To Income & Expenditure A/c
( Transfer entry)
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2) MDR expenses A/c Dr
CGST A/c Dr
SGST. A/c Dr
To POS Marchant A/c Cr . 2473.24
( MDR expenses booking entry after receipt of Invoice from Marchant for using PO Machine)
POS Marchant A/c Dr 2473.24
To Bank A/c Cr 2473.24
( payment entry of MDR Expenses)
Your school has to take Invoice from Marchant for MDR charges +GST