1) X Co provided an invoice of 5000 with GST 18%, please deduct the TDS and make payment.
2) Bajaj rent payable 8000 per month, Nov 17 paid excess, in Dec 17 bajaj raised an invoice with credit note of 1000, what's the journal entry for Dec 17
Please suggest the journal entries for the following :-
Answers!
2) Bajaj rent payable 8000 per month, Nov 17 paid excess, in Dec 17 bajaj raised an invoice with credit note of 1000, what's the journal entry for Dec 17
At the time of Rent bill of 50000
Rent Exp Dr 50000
To Bajaj 50000
At the time of Credit Note
Baajaj Dr 10000
To Rent Exp 10000
It is a Debit note for us because party is debited
Credit note of one party is debit note of other party
Comment
1) X Co provided an invoice of 5000 with GST 18%, please deduct the TDS and make payment.
Suppose invoice is for Professional Service
Proff Service Dr 5000
Input CGST Dr 450
Input SGST Dr 450
To X 5850
To TDS 50
X 5850
To Bank 5850
Answer the question...
2) Bajaj rent payable 8000 per month, Nov 17 paid excess, in Dec 17 bajaj raised an invoice with credit note of 1000, what's the journal entry for Dec 17
At the time of Rent bill of 50000
Rent Exp Dr 50000
To Bajaj 50000
At the time of Credit Note
Baajaj Dr 10000
To Rent Exp 10000
It is a Debit note for us because party is debited
Credit note of one party is debit note of other party
Comment
1) X Co provided an invoice of 5000 with GST 18%, please deduct the TDS and make payment.
Suppose invoice is for Professional Service
Proff Service Dr 5000
Input CGST Dr 450
Input SGST Dr 450
To X 5850
To TDS 50
X 5850
To Bank 5850