it is a public trust. we have order an item from other state for Pooja purpose. the supplier sent the product with igst bill but once we received then the supplier said that he wants to donate the same to for Pooja purpose. now how to make journal entry for the same transaction. because we have not paid yet.
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Quick Summary
This discussion addresses the accounting challenge of recording a journal entry for goods ordered for a public trust's Pooja, which were supplied with an IGST bill but later declared as a donation before payment. The core issue is how to account for this transaction, especially since payment hasn't been made. Various accounting entries are proposed, considering both commercial transactions and trust accounting principles, with a focus on correctly handling the IGST.
It is for marriage. Do not understand as to why some hotels are mentioning NO CHARGES FOR BANQUET but plate is priced high. Definitely loaded here. Is there any different GST slab rates and or different income tax rate for revenue for hotels as they may show a small profit on plate.