Entries for Sales with and Without GST

Last updated at April 16, 2024 by

We know that Sales entry is

Party Dr

To Sales

Explanation-Sales is an Income, all Incomes are Credited

Party is Sundry Debtor, an Asset, when Asset Increases it is Debited

 

Same Entry with GST is

Sales Dr

To Party

To Output GST

Explanation-

We have to pay this GST, so it is liability for us. When liability increases it is credited.

 

Let’s learn about it with the help of an example

 

 

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Transcript

B Dr To Sales 200000 200000 210000 200000 B Dr To Sales Interstate 5% To Output IGST 5% 10000 Sales Interstate Rs 200000 + 5% GST 210000 200000 B Dr To Sales Local 5% To Output SGST 2.5% 5000 Sales Local Rs 200000 + 5% GST 5000 To Output CGST 2.5% Entry for Sales Sales to B Rs 200000

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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.