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.
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scrap battery treatment in accounts and gst??
Replies (4)
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
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
Customer A/c. ...Dr 5924/-
Old Batter A/c .....Dr 1500/-
To sale A/c Cr 5800/-
To GST Payable 1624
Old Batter A/c .....Dr 1500/-
To sale A/c Cr 5800/-
To GST Payable 1624
How can account purchase entry ( battery purchase with scrap discount)
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