sir/madam,
Please let me know the journal entry of tcs1% on car purchase by firm.
Journal entry for tcs1% on car purchase by firm
Rajesh TM (Accounts Manager) (132 Points)
24 November 2018
prasad Nilugal
( GST Practitioner & Accounts )
(14149 Points)
Replied 24 November 2018
Considering the Car is used by the firm for Busniess purpose .
Motar Car A/c Dr
TCS A/c Dr
CGST A/c Dr
SGST A/c Dr
To Sundry Creditors
( Booking of Car purchase entry )
Car is under fixed aseet
TCS under loans & advance
When you pay amount
Sundry Crediotors A/c Dr
To Bank A/c Cr
( Being payment made along with TCS & GST )
RAJA P M
("Do the Right Thing...!!!")
(127058 Points)
Replied 24 November 2018
Rajesh TM
(Accounts Manager)
(132 Points)
Replied 24 November 2018
sir ,
car purchased in the name of our managing partner in the firm address. Gstin number is also in the invoice
Rajesh TM
(Accounts Manager)
(132 Points)
Replied 24 November 2018
sir,
car is actually invoiced in the name of our managing partner with firm address and gstin.
tcs receivable is under which head?
Rajesh TM
(Accounts Manager)
(132 Points)
Replied 24 November 2018
sir , car purchased in the name of our managing partner in the firm address. Gstin number is also in the invoice
prasad Nilugal
( GST Practitioner & Accounts )
(14149 Points)
Replied 24 November 2018
Above entries are applicable when Invoice , address , GSTN is in the name of firm .
prasad Nilugal
( GST Practitioner & Accounts )
(14149 Points)
Replied 24 November 2018
Yor are paying TCS amount to party , so it is under loans & advance .
Rajesh TM
(Accounts Manager)
(132 Points)
Replied 24 November 2018
sir,
Invoice in the name of managing partner, in the firm address with gstin. above said applicable for this also?
prasad Nilugal
( GST Practitioner & Accounts )
(14149 Points)
Replied 24 November 2018
Well come sir , TCS is like paying Tax in advance so its under Loans & advance (asset ) .Its always better to take Invoice in firms name with GSTN because it Important for Audit purpose .
prasad Nilugal
( GST Practitioner & Accounts )
(14149 Points)
Replied 24 November 2018
Sir I request you to confirm with others also .
shahyar husain
(1235 Points)
Replied 31 December 2020
RAJA P M
("Do the Right Thing...!!!")
(127058 Points)
Replied 01 January 2021
| Originally posted by : shahyar husain | ||
 |
Somebody please help me out. What is TCS in vehicle purchase? |
 |
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