Menu
Scrap sold out entry
how can we record entry in tally of scrap sold out?
Replies (2)
Quick Summary
As per section 7 of the CGST act 2017 , GST applicable on sale of scrap ,so you have to issue tax invoice .
Booking entry will be
Trade Debtor's A/c Dr
To Scrap sale A/c Cr
To CGST A/c Cr
To SGST A/c Cr
( Booking of Scrap sale )
When you receive payment pass entry
Cash / Bank A/c Dr
To Trade Debtor's A/c Cr
( payment received , sale of scrap )
Note - Take Scrap sale A/c under Direct Income , Trading Account .
In Tally 1 entry will be under sales and 2 nd entry under receipt .
Booking entry will be
Trade Debtor's A/c Dr
To Scrap sale A/c Cr
To CGST A/c Cr
To SGST A/c Cr
( Booking of Scrap sale )
When you receive payment pass entry
Cash / Bank A/c Dr
To Trade Debtor's A/c Cr
( payment received , sale of scrap )
Note - Take Scrap sale A/c under Direct Income , Trading Account .
In Tally 1 entry will be under sales and 2 nd entry under receipt .
Agreed with above
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
