Friends suppose I purchased some goods and paid CGST 500 and SGST 500 on it
Now I sold that goods and received CGST 600 and SGST 600 from customer
Now I have input CGST 500 and input SGST 500 and output CGST 600 and output SGST 600
Now I have tax liability of CGST 100 and SGST 100
Now the journal entry for the input output adjustment and tax payment through Challan made from bank to gov is:
CGST output Dr. 500
SGST output Dr. 500
To CGST input 500
To SGST input 500
CGST output Dr. 100
SGST output Dr. 100
To Bank 200
Friends I just want to ask the entry that I passed are correct or not
CAclubindia
