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Transcript

Purchase Local 5% Input CGST 2.5% 100000 2500 First Purchase then Payment Input SGST 2.5% To Party 2500 105000 20% Payment in Advance, then purchase, Then Balance Payment First Payment in Advance then Purchase Party To Bank 105000 105000 Party To Bank 105000 105000 Purchase Local 5% Input CGST 2.5% 100000 2500 Input SGST 2.5% To Party 2500 105000 Party To Bank 21000 21000 Purchase Local 5% Input CGST 2.5% 100000 2500 Input SGST 2.5% To Party 2500 105000 Party To Bank 84000 84000 Purchase and Payment Entries with GST Suppose Purchase is of 100000+% GST Purchase Local 5% Input CGST 2.5% 100000 2500 20% Payment in Advance, then Purchase, Then Balance Payment Input SGST 2.5% To Party 2500 105000 20000 Payment in Advance, then Purchase, Then Balance Payment Party To Bank 21000 21000 Party To Bank 84000 84000 Purchase Local 5% Input CGST 2.5% 100000 2500 Input SGST 2.5% To Party 2500 105000 Party To Bank 20000 20000 Party To Bank 85000 85000 Comparision

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.