Journal entry of goods which is supplied but lated said donation

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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.
Replies (7)

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.

Purchase Dr. Xxx

Input igst Dr. Xxx

Bank/payables Cr. Xxx

Once it's declared as a donation and they returned back the money or I believe you did credit purchase

For cash purchases

Dr. Bank xxx

Cr. Igst xxx

Cr. Purchases.

For credit purchases

Dr. Payables xxx

Cr. Igst

Cr. Bank

 

Trust accounting is different, but when ever there is a commercial transaction, all AS standards are applicable. 

Goods supplied is different.
purchase entry
goods sent on consignment entry.
with obviously clubbing of gst entry.

Ok! Sorry I made en errorfor credit purchases.

Dr. Payables xxx Cr. Igst Cr. Purchases. 

It so happens that I type from a mediocre mobile phone and lighting doesn't suit my eye.

 

 

 

So what happened? I lost 16k in this month playing merchant games. But do get money instantly. 

I don't to watch anything not unless all the conditions are met

Heroins must go out on a date with me and spend money on me whenever I want

Heros must pay for my lavish lifestyle

Producers must part with their profits with me

Actors cannot become politicians nor support them

Actors cannot date business tycoons as if they are moraled

If all of these conditions are, I'll consider watching something.


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