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Entry for Machine Purchase

A/c entries 3633 views 2 replies

HI , 

We have started a new Firm and have purchased a machine of 10 Lakh , please suggest how to do the entry in the software ,  i am using Marg Software for accounting , you can correlate with Tally for my Understanding. Also pls suggest the group under which machine will fall ( Fixed Asset etc )

Also the entry for furniture which we have purchased locally ( without GST )

Thanks 

Replies (2)

    If  you are not doing  business  of  purchase & Sale of  machine & furniture then following  entries in the books of accounts  

J.E   for  purchase of  machinery   

1)    Machinery                          A/c    Dr            100000

       CGST                                 A/c    Dr               9000

       SGST                                 A/c    Dr               9000

       To  Sundry  Creditors         A/c               Cr                         118000 

(Being Purchase of machine vide  Invoice no --- Dated ---  )  

Note -   Machine is under Fixed Asset  in Balance Sheet  also  I have consider  GST  rate @ 18% ,  and  Local  purchase ( you may apply as per Invoice ) , If it is Inter-sate  then  IGST  will applicable . Sundry Creditors will be  under Creditors  . Taxes will be under Duties & Taxes 

 

Purchase of  Furniture  without  GST  

2)  Furniture                          A/c  Dr 

     To Sundry  Creditors        A/c  Cr 

( being purchase furniture   Invoice No --- Date --) 

Note - Furniture under  Fixed Asset  and Sundry Creditors  will be  under Creditors . 

 

 

Sundry creditors
under
trade payables...
assuming firm is a pvt limited co.
schedule III is applicable.


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