In this topic you can learn how to post GST accounting entries for sales and purchase transactions with an example.
ABC company has purchased 4 qty of HP laptops from local X company each @ Rs.25,000 with GST of 18%.
GST Local Inward Supplies (Within state)
HP Laptops A/c Dr 1,00,000
SGST A/c Dr 9,000
CGST A/c Dr 9,000
To X Company A/c 1,18,000
ABC company has sold 4 qty of HP laptops to local Y company each @ Rs.30,000 with GST of 18%.
GST Local Outward Supplies (Within state)
Y Company A/c Dr 1,41,600
To HP Laptops A/c 1,20,000
To SGST A/c 10,800
To CGST A/c 10,800
ABC company (Hyderabad) has purchased 4 qty of HP laptops from XYZ company (Bangalore) each @ Rs.25,000 with GST of 18%.
GST Inter-State Inward Supplies Entry
HP Laptops A/c Dr 1,00,000
IGST A/c Dr 18,000
To XYZ Company A/c 1,18,000
ABC company (Hyderabad) has sold 4 qty of HP laptops to Balu Tranders (Bangalore) each @ Rs.30,000 with GST of 18%.
GST Inter-State Outward Supplies Entry
Balu Traders A/c Dr 1,41,600
To HP Laptops A/c 1,20,000
To IGST A/c 21,600
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