Chartered Accountant
1272 Points
Posted on 09 October 2018
Following is the Accounting Entry :
1 ) Entry for the receipt of Invoice
Laptop A/c Dr. 42000
CGST @ 9% A/c Dr. 3780
SGST @ 9% A/s Dr. 3780
To Vendor A/c 49560
( Being Laptop purchased )
2 ) Entry at the time of payment
Vendor A/c Dr 49560
To Cash A/c 20000
To Redemption Points ( Asset ) A/c 29560
( Being payment made for purchase of laptop )
Please note that If you are claiming depreciation on the Invoice Value then you cannot take ITC. i.e depreciation cannot be claimed on GST portion.
If you are capitalising the base value only then GST can be claimed.