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
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 .
CAclubindia
