1) after paying return what is the journal entry made what is the adjustment entry done.
2) if my gst portal input credit then what is the journal entry make
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input and output adjustmen
Replies (5)
Want more details then Only will give proper entries. Bcoz, Your query is not cleared...
example if gst input RS 200 or gst output paid 200 for the month may then journal entry
when you sell goods
cash ... Dr. 100
sale .... Cr 88
output. Cr. 12
when you purchase
purchase Dr 50
input. Dr 6
To. party. Cr. 56
No transfer both input & output to GST payable Account
Output Dr ... 12
Input. Cr.....6
GST payable .... 6
Now when you deposit tax
GST payable .. Dr. 6
To bank .... Cr 6
cash ... Dr. 100
sale .... Cr 88
output. Cr. 12
when you purchase
purchase Dr 50
input. Dr 6
To. party. Cr. 56
No transfer both input & output to GST payable Account
Output Dr ... 12
Input. Cr.....6
GST payable .... 6
Now when you deposit tax
GST payable .. Dr. 6
To bank .... Cr 6
thanks but when I get input credit supposed reverse your example input RS 12 and out put RS 6 then adjustment entry
It's better to prepare separate adjustment ledgers like IGST Adjustment, CGST adjustment and SGST Adjustment...
After creating You will adjust these head taxes. You can get exact clarity for ITC or Liability...
After creating You will adjust these head taxes. You can get exact clarity for ITC or Liability...
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