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Purchase Entry

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Prashant Rawat

Accounts Trainee

50 Points Posted on 29 January 2020

what will be entry of purchase tv for personal use by owner in tally and under which voucher ?

Replies (8)

Quick Summary

This discussion clarifies the correct accounting entry in Tally for a TV purchased for personal use by the owner, especially when the invoice is in the company's name. It explains that if the invoice is in the company's name, the purchase should be capitalised, with specific journal entries for the asset and input taxes. It also highlights the need to reverse input tax credit under CGST rules and advises consulting an auditor for personal use items. An alternative scenario for a proprietary company suggests treating it as drawings.

prasad Nilugal

GST Practitioner & Accounts

8994 Points Posted on 29 January 2020

1) Is purchase Invoice is in the name of the Company ?.

Prashant Rawat

Accounts Trainee

50 Points Posted on 29 January 2020

Yes purchase in the name of the company

DIP mulani

53 Points Posted on 29 January 2020

TV. Dr
creditor cr

prasad Nilugal

GST Practitioner & Accounts

8994 Points Posted on 29 January 2020

you have to capitalize because Invoice is in the name of Company , and Entry will be

Television A/c Dr

Input CGST A/c Dr

Input SGST A/c Dr

To Sundry Creditors A/c Cr

( Being purchase of T. V ,Invoice No---- Dated ---- )

Note - You have to reverse the Input Tax credit under rule 43 of the CGST rules 2017 ,if you taken earlier . Also Company television ,which is being used for personal purpose ,in this regard you have to take opinion of Company Auditor .