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I Have Company Who Purchase Goods On Gst But At The Time Of Selling 75% Of Those Goods Sold With Gst

01 April 2023

I Have Company Who Purchase Goods On Gst But At The Time Of Selling 75% Of Those Goods Sold With Gst And Remaining 25% Sold On Delivery Challan Only (Without Gst) So I Want To Show My Delivery Challan Sold Goods On Blance Sheet Then Which Head And Side?

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3 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14568 Points)
Replied 01 April 2023

25 % Goods you Can not sold on delivery challan and never sell with only on delivery challan , If you are making taxable as well as exempt supply then you have to issue invoice .
25 % sold goods is your Direct income so , same will be on the Credit side of profit and loss account so entry will be.

Trade Debtors A/c Dr
To Sales A/c Cr
( Goods sold during the period)

Show Sales A/c under Direct income P& L Account
Trade Debtors under under Current Assets Balance sheet.

Always Issue Invoice . Delivery challan is used only when you are sending goods for Job work.

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prasad Nilugal ( GST Practitioner & Accounts ) (14568 Points)
Replied 01 April 2023

Discuss with your company CA or take help of CA nearby you regarding Invoice .

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Yasaswi Gomes new (Finance ) (4492 Points)
Replied 02 April 2023

Delivery challan is about recording a transaction. Balance sheet has nothing to do with it. You have to report inventory using the principle lower of cost or nrv.