GST payment
what is an accounting treatment for receiving money from client in the bank account for payment of GST and then paying the same....let me know journal entries....thanks in advance....
Replies (1)
1 entry when sale G/S. (debtor account dr. 118000. $ To sales. 100000. To gst(liability) 18000 ) 2 entry when amount received from debtor. Bank a/c dr 118000 To debtor 118000. 3 entry is payment gst in (cash) gst(laibility) dr. 18000 To bank 18000 so simple
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