Journal Entries Receipt On Advance in GST

Journal Entries Receipt on Advance in GST - Accounting Entries in GST file:///C:/Users/14000243/Desktop/Journal%20Entries%20Receipt%2...
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Journal Entries Receipt on Advance in GST

Last updated at Nov. 29, 2018 by Teachoo
4 of 11 13-07-2022, 10:29 AM
Assignment
Solve the following entries in case of services
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
View Answer
19/08/2016
A LTD Dr. 118000
5 of 11 13-07-2022, 10:29 AM
TO SERVICES A/C 100000
TO OUTPUT CGST 9% 9000
TO OUTPUT SGST 9% 9000
24/10/2016
BANK A/C Dr. 118000
A LTD 118000
CASE 2
Payment Received in Advance
WHOLE PAYMENT RECEIVED IN ADVANCE ON 24 JULY.
PASS ENTRIES
View Answer
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
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
CASE 3
Partial Payment Received in Advance
30% PAYMENT RECD ON 24 JULY.
BALANCE ON 24 OCT
PASS ENTRIES
View Answer
24/07/2016
BANK A/C 35400
TO A LTD 35400
6 of 11 13-07-2022, 10:29 AM
31/07/2016
TAX ON ADVANCE Dr . 5400
19/08/2016
A LTD 118000
31/08/2016
OUTPUT CGST 9% 2700
OUTPUT SGST 9% 2700
24/10/2016
BANK A/C 82600
TO A LTD 82600
(118000-35400)
CASE 4
Lumpsum Payment Received in Advance
30000 PAYMENT RECD ON 24 JULY
BALANCE ON 24 OCT
PASS ENTRIES
View Answer
24/07/2016
BANK A/C Dr. 30000
TO A LTD 30000
31/07/2016
TAX ON ADVANCE Dr . 4576
19/08/2016
A LTD Dr. 118000
7 of 11 13-07-2022, 10:29 AM
31/08/2016
OUTPUT CGST 9% Dr 2288
OUTPUT SGST 9% Dr. 2288
24/10/2016
BANK A/C 88000
TO A LTD 88000
(118000-30000)
How to show GST in Returns?
8 of 11 13-07-2022, 10:29 AM
Changes from 15 Nov 2017
No GST on advance received on goods on or after 15 Nov 2017
However, on services, tax on advance is still applicable
Also
Advance Receipt Voucher is still to be given in both cases
Next: Time and Supply of Goods and Services →
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9 of 11 13-07-2022, 10:29 AM
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Journal Entries Receipt on Advance in GST You are here
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Journal Entries Receipt On Advance in GST - Accounting Entries in GST

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Journal Entries Receipt on Advance in GST - Accounting Entries in GST file:///C:/Users/14000243/Desktop/Journal%20Entries%20Receipt%2...

• Accounting Entries in GST

Solve the following entries in case of services

First Bill Issued then Amt Received

SALES 100000 + 18000 GST ON 19 AUG TO A LTD

PAYMENT RECEIVED ON 24 OCT.

A LTD Dr. 118000

TO SERVICES A/C 100000

TO OUTPUT CGST 9% 9000

TO OUTPUT SGST 9% 9000

BANK A/C Dr. 118000

Payment Received in Advance

SALES 100000 + 18000 GST ON 19 AUG TO A LTD

WHOLE PAYMENT RECEIVED IN ADVANCE ON 24 JULY.

BANK A/C Dr. 118000

For Creating Tax Liabilities For Advance

TAX ON ADVANCE Dr. 18000

To OUTPUT CGST 9% 9000

To OUTPUT SGST 9% 9000

A LTD Dr. 118000

TO SERVICES A/C 100000

TO OUTPUT CGST 9% 9000

TO OUTPUT SGST 9% 9000

Adjustment on tax paid in advance

OUTPUT CGST 9% 9000

OUTPUT SGST 9% 9000

TO TAX ON ADVANCE 18000

Partial Payment Received in Advance

SALES 100000 + 18000 GST ON 19 AUG TO A LTD

30% PAYMENT RECD ON 24 JULY.

BANK A/C 35400

For Creating Tax Liabilities For Advance

TAX ON ADVANCE Dr . 5400

To OUTPUT CGST 9% 2700

To OUTPUT SGST 9% 2700

TO SERVICES A/C 100000

TO OUTPUT CGST 9% 9000

TO OUTPUT SGST 9% 9000

Adjustment on tax paid in advance

OUTPUT CGST 9% 2700

OUTPUT SGST 9% 2700

TO TAX ON ADVANCE 5400

BANK A/C 82600

Lumpsum Payment Received in Advance

30000 PAYMENT RECD ON 24 JULY

BANK A/C Dr. 30000

For Creating Tax Liabilities For Advance

TAX ON ADVANCE Dr . 4576

To OUTPUT CGST 9% 2288

To OUTPUT SGST 9% 2288

A LTD Dr. 118000

TO SERVICES A/C 100000

TO OUTPUT CGST 9% 9000

TO OUTPUT SGST 9% 9000

Adjustment on tax paid in advance

OUTPUT CGST 9% Dr 2288

OUTPUT SGST 9% Dr. 2288

TO TAX ON ADVANCE 4576

BANK A/C 88000

How to show GST in Returns?

Changes from 15 Nov 2017

No GST on advance received on goods on or after 15 Nov 2017