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Stock In Hand For Personal Use

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284 Points Posted on 20 July 2020
Sir Gd Evng My Client Cement & Iron Sales Business & He's Gst Registered Person, My Doubt Is He Constructing House FOR personal, He Taking Cement & iron For Construct The House From His Own Shop, How It Will Treat Books Of A/c entry
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On 20 July 2020 at 19:13 Report
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Practice
3235 Points Posted on 20 July 2020
Dr Proprietors Capital A/c
Cr Purchase
( being cement, iron taken by proprietor for personnel use)


Dr GST Liability
Cr GST Input
( being GST Input on cement and iron consumed by proprietor reversed)
13 Reply
On 20 July 2020 at 20:42
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Practising CA
8954 Points Posted on 20 July 2020
I think correct entry for reversal should be

Dr Proprietors Capital
Cr GST input.
30 Reply
On 20 July 2020 at 22:14
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Practice
3235 Points Posted on 20 July 2020
Yes @ Raj C Doshi Sir.. second entry will be as you said..
I mistakenly passed entry for payment of GST Liability through GST ITC..
13 Reply
On 20 July 2020 at 22:23
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1102 Points Posted on 20 July 2020
Agree with Mr. Raj C Doshi
as Dr Capital a/c
Cr GST input
we will reverse the input on respective goods
1 Reply
On 20 July 2020 at 22:24
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284 Points Posted on 20 July 2020
Ok Sir Thank You Sir & Thanks all....
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On 20 July 2020 at 23:09


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