Sunny kumar (Accountant) (27 Points)
20 June 2019I am registered in GST,
I Purchase Goods from Registered Party in GST,
And after purchasing, some goods have to be used for treding and some goods for Assets.
1. How will this invoice enter into the accounting system?
2. What will reflect in the GST?
prasad Nilugal
( GST Practitioner & Accounts )
(14165 Points)
Replied 20 June 2019
Are you having two different invoices one for Goods and other for Asset form supplier ?.
Sunny kumar
(Accountant)
(27 Points)
Replied 23 October 2019
No, Only one purchase invoice.
both items are in the invoice.
prasad Nilugal
( GST Practitioner & Accounts )
(14165 Points)
Replied 23 October 2019
You have purchase goods for trading purpose then J.E will
1) Purchase A/c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To Sundry Creditors A/c Cr
( Being purchase of Goods on credit )
2) Then Payment to creditors
Sundry Creditors A/c Dr
To Bank A/c Cr
( Being payment made Cheque no ----dt --)
2) Then some Goods are transferred to Asset form purchases , Pass J.E as follows
Assets A/c Dr
To Purchase A/c Cr
( being Goods used as an Asset )
3) Regarding GST you pay Gst to party and claim Input tax credit if applicable as per section 16(2) of the CGST act 2017 and goods are taxable supply .
please confirm with others also .
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
