Question 11: Pawan
has following balances in his GST Accounts:
|
|
IGST (`) |
CGST (`) |
SGST (`) |
|
Input GST |
6,00,000 |
2,00,000 |
2,00,000 |
|
Output GST |
5,00,000 |
1,50,000 |
1,50,000 |
Pass the Journal entries for set-off of GST.
Answer:
|
Particulars |
IGST (`) |
CGST (`) |
SGST (`) |
|
Output GST |
(5,00,000) |
(1,50,000) |
(1,50,000) |
|
Less: Set-off of Input
IGST |
6,00,000 |
... |
... |
|
Balance |
1,00,000 |
(1,50,000) |
(1,50,000) |
|
Less: Set-off against
Output CGST |
(1,00,000) |
1,00,000 |
... |
|
Balance |
... |
(50,000) |
(1,50,000) |
|
Less: Input GST
Set-off |
... |
2,00,000 |
2,00,000 |
|
|
... |
1,50,000 |
50,000 |
|
|
|
Receivable |
Receivable |
Question 12: Naman
has following balances in his GST Accounts:
|
|
IGST (`) |
CGST (`) |
SGST (`) |
|
Input GST |
2,50,000 |
2,00,000 |
2,00,000 |
|
Output GST |
4,00,000 |
1,50,000 |
1,50,000 |
Pass the Journal entries for set-off of GST.
Answer:
|
Particulars |
IGST (`) |
CGST (`) |
SGST (`) |
|
Output GST Less: Set-off of Input
IGST Balance (Payable) Less: Set-off of Input
CGST and Input SGST Balance Set-off of Input CGST and Input SGST against Output
IGST Balance |
(4,00,000) 2,50,000 |
(1,50,000) ... |
(1,50,000) ... |
|
(1,50,000) ... |
(1,50,000) 2,00,000 |
(1,50,000) 2,00,000 |
|
|
(1,50,000) 1,00,000 |
50,000 (50,000) |
50,000 (50,000) |
|
|
50,000 (Payable) |
... |
... |