Sunny kumar (Accountant) 20 June 2019
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?
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prasad Nilugal (Accountant and GST Practitioner . ) 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 .