Rajesh TM (Accounts Manager) 24 November 2018
sir/madam,
Please let me know the journal entry of 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?
Stay updated with latest Discussion!