Scrap sold out entry
Dinesh@123 (Account Executive) (66 Points)
08 October 2021
how can we record entry in tally of scrap sold out?
2 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14880 Points)
Replied 08 October 2021
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 .
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