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Tally

11 June 2018

Sir/Madam,How will be the Entry/Steps for following Transaction?

1)I Pay the RCM(Tax on transport)/GST Tax To my CA (In Cash or Cheque Mode in the name of CA) and He pays it with Personal e-account also he charges Rs:100.00 for that?

2)what will be the ledger types for the above for entry in tally

Please help me i Beginner/Lerner

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Sundararajan S (Final Student of ICAI) (1764 Points)
Replied 11 June 2018

I don't know how to configure this in tally. but without configuration, this would be the entry.

1. Tax paid on reverse charge.

Freight............Dr. (Grouped under indirect expenses)
ITC (RCM) ..... Dr (Grouped under current Assets)
To Bank a/c
2. Audit fee

Audit fee......Dr (Grouped under indirect expenses)
ITC................Dr(Grouped under current Assets)
To Bank

On offset, the ITC ledger (both Forward and reverse charge) should be transferred to a common ledger say GST paid. Similarly output tax collected to this ledger. difference to be the tax paid through bank account.

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