please suggest a journal entry for a registered dealer purchased 10 laptops @ 32000 from an unregistered dealer.
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Journal entry
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Is inter sate or intra state transition
unregistered purchase cannot be interstate
Purchased from unregistered dealer. They will not charged any GST taxes. Hence you cannot claim any ITC. Journal entry is as usual..
Dr laptop Fixed asset a/c...
Cr party account.
Dr laptop Fixed asset a/c...
Cr party account.
yes I agree , due oversight I considered above query purchase form registered person to unregistered person , in fact its purchase form unregistered person to registerd . taxes are not applicable for unregistered person .
Lap top A/c Dr 320000
To creditors ( registered) A/c Cr 320000
( being purchase of lap top - Invoice no --- date )
Lap top will be under fixed asset
further want to inform that if your busniess is of purchase and selling of Lap tops then it will stock item and purchase A/c will be debited .
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