Q.1) answer is:- calculation of GST= 15000*18%= 2700 GST payable: 1350+1350 = 2700. total amount payable : 17700. Journal entry will be, date 19/02/2019 , purchase A/C Dr 15000 CGST A/c Dr 1350 SGST A/c Dr 1350 To Supplier A/c 17700. (Being purchase of table at 18%gst) I think this is the correct entry
Q.2) answer is:- calculation of GST= 26000*18%= 4680. GST charged: IGS 18% 4680 Total amount receivable: 26000+4680= 30680. Journal entry will be Customer A/c Dr 30680 To Sales A/c 26000 To IGST A/c 4680. Being sales of Granite at 18%gst. I think this is the correct solution or entry!
Thank you so much. We also have course on Accountancy and on practical aspects of GST - return filing. You can check out free trial course on our website www.letstute.com/free-courses/online-courses
Over here we have prepared Journal in which we recorded the purchase entry with GST. So not considering preparation of Subsidiary Books - this is an example to explain GST entries.
1. Purchases ac dr. 15,000 Input CGST ac dr. 1,350 Input SGST ac dr. 1,350 To Cash/bank ac. 17,700 2. Cash/bank ac dr. 30,480 To Sales ac 26,000 To Output IGST ac. 4,680
Great...the answer are correct. Probably in second answer there is a typing error- Cash/Bank Account debited with 30680 and not 30480. Also in both entries, instead of cash transaction, credit transaction can also be assumed then we use debtors and creditors account accordingly. You answer is also correct.
A great explanation thanks a lot❤
I was bit confused what's is Input and output you've made it clear.
Very nice explained
Appreciate your efforts providing knowledge that requires for account person
Thank you so much.
Simplified answer I was looking for
Hope this served your purpose.
Q.1) answer is:- calculation of GST= 15000*18%= 2700
GST payable: 1350+1350 = 2700.
total amount payable : 17700.
Journal entry will be, date 19/02/2019 , purchase A/C Dr 15000 CGST A/c Dr 1350 SGST A/c Dr 1350 To Supplier A/c 17700.
(Being purchase of table at 18%gst) I think this is the correct entry
Thank you so much mam for ur wonderful explanation ❤
Q.2) answer is:- calculation of GST= 26000*18%= 4680.
GST charged: IGS 18% 4680
Total amount receivable: 26000+4680= 30680.
Journal entry will be
Customer A/c Dr 30680
To Sales A/c 26000
To IGST A/c 4680.
Being sales of Granite at 18%gst. I think this is the correct solution or entry!
I am able to understand this video nicely and understand my doubt's also
Mam I got perfect knowledge
Glad you liked it.... keep watching keep learning...
Excellent Video
Thank you so much. To learn GST in more detail, do check out courses on our website www.letstute.com
Good explanation ma'am 🙏
Tq so much mam 😇😇
Thank you for watching. keep watching keep learning.
Nice video thanks madam Ji.
Thank you mam
Very good class
Thank you. To learn the more practical aspects of GST - you can check out our website www.letstute.com
Excellent teaching & presentation in the form of table , thanks mam
Thank you so much. We also have course on Accountancy and on practical aspects of GST - return filing. You can check out free trial course on our website www.letstute.com/free-courses/online-courses
V nice class, I have a doubt
For Commission Paid how GST part will come ? Is it Input Gst or Output Gst
GST paid on commission paid (business expenses) will be Input GST
Good mama 😊 🙏
Thank you so much. Learn more about GST with the courses on GST on our website www.letstute.com
Thanks mam
Thank you for liking.
Helpful video 👍👍
Thank you so much.😊
Mam,,what will be the journal entry for amount of Input IGST to be received from the government?? Means Input IGST is more than Output SGST...
Output SGST A/c....Dr.
To Input IGST A/c
Balance input IGST will be carried forward.
@@Letstuteaccountancy this is ...when business is in regular ...what about composition?
credit note me input GST lagega ya / output GST lagega
Output GST is charged if its the sales return transaction.
Simple and clarity content ....😍
Thank you Chitra.
Sir pls make a video of commerce 11th std illustration
Pls
Pls
Illustration on GST?
Purchase entries comes under the purchase voucher, then y u entered in journal voucher. Can u explain it mama?
Over here we have prepared Journal in which we recorded the purchase entry with GST. So not considering preparation of Subsidiary Books - this is an example to explain GST entries.
In output sales (output gst ) _____ for seller..
1- asset
2- liability
3- income
4- expense ...
Reply fast tomorrow will be exam
But there is 5% ,12%, 18%, 28% gst on different items.
So when you set a question...how do we know which gst to be calculated?
At 11th level in accounts paper- they do mention in the question as to which rate is applicable.
1. Purchases ac dr. 15,000
Input CGST ac dr. 1,350
Input SGST ac dr. 1,350
To Cash/bank ac. 17,700
2. Cash/bank ac dr. 30,480
To Sales ac 26,000
To Output IGST ac. 4,680
Great...the answer are correct. Probably in second answer there is a typing error- Cash/Bank Account debited with 30680 and not 30480.
Also in both entries, instead of cash transaction, credit transaction can also be assumed then we use debtors and creditors account accordingly.
You answer is also correct.
Can't understand
Hindi me hi bta dete
Yes this video is available in Hindi on our other channel - Letstute Accountancy Hindi. Please check that out.