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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

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

View Answer

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

View Answer

CASE 4

Lumpsum Payment Received in Advance

30000 PAYMENT RECD ON 24 JULY

BALANCE ON 24 OCT

PASS ENTRIES

View Answer

 

How to show GST in Returns?

July and August advance.jpg

 

 

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

 

 

 

 

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.