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11th | Accounting of Goods and Services Tax (GST) | Question No. 11 and 12 | Ts Grewal Solution 2022-2023

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)

...

...

 

 

 

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