Gst department conducted Gst audit for fy 2018-19 and ascertained Gst liability due to ITC wrong claims. What accounting entry should we pass to create liability in books of accounts.
Respected Experts plz guide..
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Accounting entry regarding
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Quick Summary
Dr GST paid ( Indirect expense )
Dr Interest on GST ( Indirect expense )
Dr GST penalty ( Indirect expense )
Cr GST payable ( Current liabilities)
Dr Interest on GST ( Indirect expense )
Dr GST penalty ( Indirect expense )
Cr GST payable ( Current liabilities)
Book created liability as expenses in profit and loss account .
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