HELLO ,
I WANT TO KNOW ACCOUTING ENTRY FOR RCM AND ALSO ABOUT CREDIT ENTRY OF RCM IN TALLY .
CAN ANY ONE EXPLAIN ENTRY WHICH IS VERY USEFULL TO ME.
THANK YOU.
prasad Nilugal
( GST Practitioner & Accounts )
(14165 Points)
Replied 04 September 2022
For example paying legal expenses under RCM
so first create ledgers
Input CGST RCM A/c
Input SGST RCM A/c
Output CGST RCM A/c
Output SGST RCM A/c
pass entry
Legal expenses A/c Dr
Input CGST RCM A/c Dr
Input SGST RCM A/c Dr
To Output CGST RCM A/c C
To Output SGST RCM A/c Cr
To Advocate/ Legal adviser
( legal expenses payable under RCM)
Payment entry
Output CGST RCM A/c Dr
Output SGST RCM A/c Dr
To Bank A/c Cr
( payment under RCM)
ITC entry
Input CGST A/c Dr
Input SGST A/c Dr
To Input RCM CGST A/c Cr
To input RCM SGST A/c Cr
( ITC under RCM)
Input tax credit under RCM is available only after payment of Tax .
Payment to Advocate entry
Advocate / legal Adviser A/c Dr
To Bank A/c Cr
( payment to advocate )
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