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How will this invoice enter into the accounting system when purchase assets &purchase in one invoice

Accounts 493 views 3 replies

I 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?

Replies (3)

Are you having two different  invoices one for Goods and other  for Asset  form supplier ?. 

No, Only one purchase invoice.
both items are in the invoice.

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 .


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