Journal entry for tcs1% on car purchase by firm

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 ) 

sir , 

car purchased in the name of our managing partner  in the firm address. Gstin number is also in the invoice

sir,

car is actually invoiced in the name of our managing partner with firm address and gstin.

tcs receivable is under which head?

sir ,  car purchased in the name of our managing partner  in the firm address. Gstin number is also in the invoice  

 

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

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

sir,

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

thank u sir

thank you sir

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 .

Sir I request you to confirm with others also .

Originally posted by : shahyar husain
	Somebody please help me out. What is TCS in vehicle purchase?

Dear,

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