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Vikash Agarwal   05 September 2018

scrap battery treatment in accounts and gst??

Dear Experts !!

I need help with accounting entries in GST in general. I buy battery, for example, "A1" for Rs 5000 + 28%

Then I sell this battery "A1" for Rs 5800 + 28% .

I give a discount of Rs 1500 to Customer on returning me old battery. Effectively I get Rs 5924 in hand and I have a scrap item valued at Rs 1500 in stock, which I often used to sell for cash and ignore accounting for that.

These entries were fine until now, but in GST I want to make it truly accoutable.


 4 Replies

MUTHULAKSHMI

MUTHULAKSHMI (Accounts Manager)     05 September 2018

Pls note the entries.

By Battery Sales Rs.7424 credit the amount

To Used Battery Purchase Rs.1500 debit the amount

Net effect Rs.5924/- on your hand with old battery

 

 

1 Like
MUTHULAKSHMI

MUTHULAKSHMI (Accounts Manager)     05 September 2018

Pls note the entries.

By Battery Sales Rs.7424 credit the amount

To Used Battery Purchase Rs.1500 debit the amount

Net effect Rs.5924/- on your hand with old battery

 

 

Pankaj Rawat

Pankaj Rawat (GST Practitioner)     05 September 2018

Customer A/c. ...Dr 5924/-
Old Batter A/c .....Dr 1500/-
To sale A/c Cr 5800/-
To GST Payable 1624
Muhammed Ismail

Muhammed Ismail   10 January 2021

How can account purchase entry ( battery purchase with scrap discount)


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