Entries for Output and Input Adjustment in GST

DETAILS OF PURCHASES

A LTD Bill to:- My Co

Bill to:- My Co

DETAILS OF SALES

MY CO Bill to:- X Ltd

Bill to:- X Ltd

ENTRY FOR PURCHASE :-

-a-

Purchase Local Plastic A/cDr 100000

Input CGST 9% Dr 9000

Input SGST 9% Dr 9000

To A Ltd 118000

ENTRY FOR SALES :-

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X LTD Dr 188800

To Sales Local Plastic 160000

To Output CGST 9% 14400

To Output SGST 9% 14400

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ENTRY FOR ADJUSTMENT OF OUTPUT AND INPUT CGST

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Output CGST 9% 14400

To Input CGST 9% 9000

To CGST Payable 5400

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ENTRY FOR ADJUSTMENT OF OUTPUT AND INPUT SGST

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Output SGST 9% 14400

To Input SGST 9% 9000

To SGST Payable 5400

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Suppose Amount Deposited in Electronic Cash ledger(GST PMT-05) Rs 11500. Pass Entry

-a-

Electronic Cash ledger(GST PMT-05) A/c Dr 11500

To Bank 11500

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GST Liability adjusted Against Electronic Cash ledger(GST PMT-05). Pass Entry

-a-

CGST Payable Dr 5400

To Electronic Cash Ledger(GST PMT-05) 5400

SGST Payable Dr 5400

To Electronic Cash Ledger(GST PMT-05) 5400

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Entry for Balance Left in GST PMT-05. Pass Entry

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1. Balance Left in GST PMT-05=11500-5400-5400=700
2. No Entry will be passed for the same
3. It will be used for Adjusting GST Payable for the next period
   

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