Journal entry for tcs1% on car purchase by firm

prasad Nilugal (Sr . Accountant and GST Practitioner . )     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...!!!")     24 November 2018

Dr. Car Account - Rs XXXXXXX
Dr. TCS Receivable - Rs XXXX
Cr. Car Dealer A/c - Rs. XXXXXX..

Rajesh TM (Accounts Manager)     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)     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)     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 (Sr . Accountant and GST Practitioner . )     24 November 2018

Above entries  are   applicable  when  Invoice , address , GSTN  is in the name of firm . 

prasad Nilugal (Sr . Accountant and GST Practitioner . )     24 November 2018

Yor are paying  TCS  amount to  party  , so it is under loans & advance .

Rajesh TM (Accounts Manager)     24 November 2018

sir,

Invoice in the name of managing partner, in the firm address with gstin.  above said applicable for this also?

Rajesh TM (Accounts Manager)     24 November 2018

thank u sir