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Goods of rupees feed 5000 out of goods purchased within the state were taken by him for personal use.Prepare its journal agree with GST on 6% each?
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Goods of rupees feed 5000 out of goods purchased within the state were...
Journal Entry with GST on Goods Purchased within the State
1. Purchase of Goods:
- Debit: Purchases Account (Total value of goods purchased)
- Credit: Creditors Account
2. Input GST on Purchases:
- Debit: Input GST Account (6% of total value of goods purchased)
- Credit: Creditors Account
3. Personal Use of Goods:
- Debit: Drawings Account (Value of goods taken for personal use)
- Credit: Purchases Account (Value of goods taken for personal use)
4. Output GST on Personal Use:
- Debit: Drawings Account (6% of value of goods taken for personal use)
- Credit: Output GST Account
5. Adjustment for Goods Used for Business:
- Debit: Stock Account (Value of goods used for business purposes)
- Credit: Purchases Account (Value of goods used for business purposes)
6. Output GST on Goods Used for Business:
- Debit: Output GST Account
- Credit: Stock Account (6% of value of goods used for business purposes)
Explanation:
- The journal entries above reflect the purchase of goods within the state, the utilization of goods for personal use, and the subsequent adjustments for business use.
- Input GST is recorded on the purchases made, while output GST is recorded on goods used for personal use and business purposes.
- The adjustments ensure that the correct amount of GST is accounted for based on the nature of usage of the goods.
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Goods of rupees feed 5000 out of goods purchased within the state were taken by him for personal use.Prepare its journal agree with GST on 6% each?
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Goods of rupees feed 5000 out of goods purchased within the state were taken by him for personal use.Prepare its journal agree with GST on 6% each? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Goods of rupees feed 5000 out of goods purchased within the state were taken by him for personal use.Prepare its journal agree with GST on 6% each? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods of rupees feed 5000 out of goods purchased within the state were taken by him for personal use.Prepare its journal agree with GST on 6% each?.
Goods of rupees feed 5000 out of goods purchased within the state were taken by him for personal use.Prepare its journal agree with GST on 6% each? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Goods of rupees feed 5000 out of goods purchased within the state were taken by him for personal use.Prepare its journal agree with GST on 6% each? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods of rupees feed 5000 out of goods purchased within the state were taken by him for personal use.Prepare its journal agree with GST on 6% each?.
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