For expernses like minral water worth rs. 80-100 do I have to make purchase entry on the name of shop keeper and then pass payment entry or I can directly book expenses by passing below entry
Mineral Water Dr.
to Cash Cr.
P.S.: I have kept Mineral Water under Purchase from URD - Exempt
If you are registered under GST....... any expenditure/purchase upto Rs. 5,000/- per day from URD is exempted from RCM liability. So no need to pay GST........ and directly debit to mineral water acc.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
