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CASE 1 

First Bill Issued then Amt Received

SALES 100000 + 18000 GST ON 19 AUG TO A LTD

PAYMENT RECEIVED ON 24 OCT.

PASS ENTRIES

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19/08/2016

A LTD     Dr.     118000

TO OUTPUT CGST 9%  9000

TO OUTPUT SGST 9%  9000

TO SALES A/C              100000

  

24/10/2016

BANK A/C  Dr. 118000 

      A LTD 118000

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CASE 2

Payment Received in Advance

SALES 100000 + 18000 GST ON 19 AUG TO A LTD

WHOLE PAYMENT RECEIVED IN ADVANCE  ON 24 JULY.

PASS ENTRIES

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24/07/2016

BANK A/C  Dr. 118000 

        To  A LTD           118000

      

31/07/2016

 For Creating Tax Liabilities For Advance

TAX ON ADVANCE  Dr. 18000

        To  OUTPUT CGST 9%       9000

         To OUTPUT SGST 9%       9000

Go to Accounting Voucher (journal) --->Stat Adjustment--->Nature of Adjustment --->Increase in liabilities --->additional details --->On Account of Advance receipt

 

 

19/08/2016

A LTD    Dr.   118000

           TO SALES A/C                   100000

           TO OUTPUT CGST 9%       9000

            TO OUTPUT SGST 9%       9000

 

 

31/08/2016

Adjustment on tax paid in advance

       OUTPUT CGST 9%   9000

       OUTPUT SGST 9%       9000

                  TO TAX ON ADVANCE   18000

Go to Accounting Voucher (journal) --> Stat Adjustment --> Nature of Adjustment  --> Decrease in liabilities --> additional details --> On Account of Advance receipt -->Sales Against Advance Receipt

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CASE 3

Partial Payment Received in Advance

SALES 100000 + 18000 GST ON 19 AUG TO A LTD

30% PAYMENT RECD ON 24 JULY.

BALANCE ON 24 OCT

PASS ENTRIES

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24/07/2016

BANK A/C     35400

          TO A LTD 35400

 

31/07/2016

For Creating Tax Liabilities For Advance

TAX ON ADVANCE  Dr  . 5400

          To  OUTPUT CGST 9%       2700

           To OUTPUT SGST 9%       2700

Go to Accounting Voucher (journal) --->Stat Adjustment--->Nature of Adjustment --->Increase in liabilities --->additional details --->On Account of Advance receipt

 

 

19/08/2016

A LTD 118000

               TO SALES A/C 100000

               TO OUTPUT CGST 9% 9000

                TO OUTPUT SGST 9% 9000

 

31/08/2016

Adjustment on tax paid in advance

       OUTPUT CGST 9%   2700

       OUTPUT SGST 9%       2700

                  TO TAX ON ADVANCE    5400

 

Go to Accounting Voucher (journal) --> Stat Adjustment --> Nature of Adjustment  --> Decrease in liabilities --> additional details --> On Account of Advance receipt -->Sales Against Advance Receipt

 

 

24/10/2016

BANK A/C      82600

           TO A LTD         82600

(118000-35400)

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CASE 4

Lumpsum Payment Received in Advance

30000 PAYMENT RECD ON 24 JULY

BALANCE ON 24 OCT

PASS ENTRIES

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24/07/2016

BANK A/C  Dr.   30000

             TO A LTD 30000

 

31/07/2016

For Creating Tax Liabilities For Advance

TAX ON ADVANCE  Dr  . 4576

          To  OUTPUT CGST 9%       2288

           To OUTPUT SGST 9%       2288

 

Go to Accounting Voucher (journal) --->Stat Adjustment--->Nature of Adjustment --->Increase in liabilities --->additional details --->On Account of Advance receipt

 

 

19/08/2016

A LTD  Dr. 118000

               TO SALES A/C 100000

                TO OUTPUT CGST 9% 9000

                 TO OUTPUT SGST 9% 9000

 

31/08/2016

Adjustment on tax paid in advance

OUTPUT CGST 9% Dr   2288

OUTPUT SGST 9% Dr.      2288

                    TO TAX ON ADVANCE    4576

Go to Accounting Voucher (journal) --> Stat Adjustment --> Nature of Adjustment  --> Decrease in liabilities --> additional details --> On Account of Advance receipt -->Sales Against Advance Receipt

 

 

24/10/2016

BANK A/C 88000

          TO A LTD 88000

(118000-30000)

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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 7 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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