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GST Entries For Every Month Sales

This document outlines the GST entries that need to be made each month for sales, purchases, expenses, and the closing entry. It details debiting and crediting the appropriate accounts for CGST, SGST, IGST output and input accounts as well as payable accounts. The closing entry transfers output to payable accounts, inputs to payable accounts, RCM inputs to payable accounts, pays RCM payables, and pays the net of payables and receivables.

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Giri Sukumar
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2K views3 pages

GST Entries For Every Month Sales

This document outlines the GST entries that need to be made each month for sales, purchases, expenses, and the closing entry. It details debiting and crediting the appropriate accounts for CGST, SGST, IGST output and input accounts as well as payable accounts. The closing entry transfers output to payable accounts, inputs to payable accounts, RCM inputs to payable accounts, pays RCM payables, and pays the net of payables and receivables.

Uploaded by

Giri Sukumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

GST ENTRIES FOR EVERY MONTH

SALES

Debtors A/c ..Dr


To Sales A/c Cr.
To CGST Output A/c Cr.
To SGST Output A/c Cr.
To IGST Output A/c Cr.

PURCHASES

Purchases A/c ..Dr


CGST Input A/c ..Dr
SGST Input A/c ..Dr
IGST Input A/c ..Dr
To Creditors A/c Cr.

EXPENSES (Other Than RCM)

Expenses A/c ..Dr


CGST Input A/c ..Dr
SGST Input A/c ..Dr
IGST Input A/c ..Dr
To Bank A/c Cr.

RCM

Expenses A/c ..Dr


RCM CGST Input A/c ..Dr
RCM SGST Input A/c ..Dr
RCM IGST Input A/c ..Dr
To Bank A/c Cr.
To RCM CGST Payable A/c Cr.
To RCM SGST Payable A/c Cr.
To RCM IGST Payable A/c Cr.

CLOSURE ENTRY TO BE PASSED ON THE LAST DAT OF MONTH


i)
CGST Output A/c ..Dr
SGST Output A/c ..Dr
IGST Output A/c ..Dr
To CGST Payable A/c Cr.
To SGST Payable A/c Cr.
To IGST Payable A/c Cr.
(Being Output collected during the month transferred to Respective payable A/c)
Note: After this entry, All GST output A/c Balance will become NIL
ii)
CGST Payable A/c ..Dr
SGST Payable A/c ..Dr
IGST Payable A/c ..Dr
To CGST Input A/c Cr.
To SGST Input A/c Cr.
To IGST Input A/c Cr.

(Being input created out of purchases and expenses during the month transferred
to Respective payable A/c)
Note: After this entry, All GST input A/c Balance will become NIL

iii)
CGST Payable A/c ..Dr
SGST Payable A/c ..Dr
IGST Payable A/c ..Dr
To RCM CGST Input A/c Cr.
To RCM SGST Input A/c Cr.
To RCM IGST Input A/c Cr.

(Being balance lying in RCM Input A/c for the month transferred to Respective
payable A/c)
Note: After this entry, All RCM input A/c Balance will become NIL

iv)
RCM CGST Payable A/c ..Dr
RCM SGST Payable A/c ..Dr
RCM IGST Payable A/c ..Dr
To Bank Cr.

(Being GST payable on RCM Basis paid in Cash)

v)
CGST Payable A/c
SGST Payable A/c
IGST Payable A/c
To Bank Cr.

(Being GST payable after netting off of Outputs and Inputs paid)

Prepared By: Ashwani Dhanuka


7873350239

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