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Stock In Hand For Personal Use
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
Replies (5)
Quick Summary
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)
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)
I think correct entry for reversal should be
Dr Proprietors Capital
Cr GST input.
Dr Proprietors Capital
Cr GST input.
Yes @ Raj C Doshi Sir.. second entry will be as you said..
I mistakenly passed entry for payment of GST Liability through GST ITC..
I mistakenly passed entry for payment of GST Liability through GST ITC..
Agree with Mr. Raj C Doshi
as Dr Capital a/c
Cr GST input
we will reverse the input on respective goods
as Dr Capital a/c
Cr GST input
we will reverse the input on respective goods
Ok Sir Thank You Sir & Thanks all....
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