GST Entey

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629 Points Posted on 22 April 2021
Dear Sir

in the books of account As on 31.03.2021 GST payable Is Rs 7010.14 But release the cheque of Rs.7011/- so please suggest below entry is right or wrong.

GST Payable 7010.14.
rounded off. .86
HDFC bank 7011.00
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On 22 April 2021 at 22:11 Report
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Quick Summary
This discussion addresses a common accounting query regarding GST payments. When the cheque issued for GST payable (Rs. 7010.14) was slightly higher (Rs. 7011.00) due to rounding, the proposed accounting entry was debated. The consensus is that this entry, debiting GST Payable and crediting HDFC Bank, is acceptable and not incorrect, effectively handling the minor overpayment.

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Accountant
119 Points Posted on 22 April 2021
No problem it's not wrong
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On 22 April 2021 at 22:33
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Chartered Accountant
24588 Points Posted on 22 April 2021
No problem, your right is correct
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On 22 April 2021 at 22:49

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