NARENDRA
(ACCOUNTS MANAGER)
(1553 Points)
Replied 05 May 2023
Day by day you have to credit those customers who made those transactions .............. Dr. to gst ( cgst & sgst ) ........... ................ like if any customer transfers via pos to your account ....you may have to credit such an amount ( 164700 ) & dr. to gst & charges if any .
NARENDRA
(ACCOUNTS MANAGER)
(1553 Points)
Replied 05 May 2023
Do you want to ask about payment entry or receipt entry ????
prasad Nilugal
( GST Practitioner & Accounts )
(14217 Points)
Replied 05 May 2023
Yasir
(article assistant )
(437 Points)
Replied 05 May 2023
prasad Nilugal
( GST Practitioner & Accounts )
(14217 Points)
Replied 05 May 2023
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)
---------------------------------------------------------------------
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
Yasaswi Gomes new
(Finance )
(4487 Points)
Replied 06 May 2023
Yup nice one. I don't school and hospital nor trust accounting.
CAclubindia
