Transactions with GST

In case of purchase of finished goods

Purchase A/C Dr

Input GST A/C

to creditors A/C

(Being purchase made )

In case of Sales of finished goods

Debtors A/C Dr

to sales A/C

to output GST

(Being sales made )

In case of professional fee

Professional fee A/C Dr

Input GST A/C          Dr

to Party A/C

(Being professional fee due)

In case of purchase of Furniture and Fixture

Furniture and Fixture A/C  Dr

Input GST A/C                      Dr

to Party A/C

(Being purchase made of Furniture and Fixture)

Note: Net GST  payable =Output GST -Input GST

Entry will be –

Output GST A/C Dr

to Input GST A/C

to electronic cash ledger A/C

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