We are a trading firm. I wish to know how to pass an accounting entry in our books of accounts for the transitional credit on stock held on 30-06-2017. We have completed the process of trans 1 submission and taken due credit in GST ledger.
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Accounting entry of transitional credit on stock as of 30-06-2017
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Sir entry in the books of account is
Dr cgst/sgst account
Cr input stock credit (deduct from stock)
Dr cgst/sgst account
Cr input stock credit (deduct from stock)
if that item is still in stock then you can credit the stock and debit the Cgst/Sgst but if it is already sold/consumed then credit to consumption
Sir, Please give an example for preparing Profit and Loss account
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