Question 11: Gurman has following
balances in his GST Accounts as on 31st March, 2024:
|
|
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 |
|
Date |
Particulars |
|
L.F. |
Dr. (`) |
Cr. (`) |
|
|
Output
IGST A/c |
Dr. |
|
5,00,000 |
|
|
|
To Input IGST A/c |
|
|
|
5,00,000 |
|
|
(Being
set-off input IGST against output IGST) |
|
|
|
|
|
|
Output
CGST A/c |
Dr. |
|
1,00,000 |
|
|
|
To Input IGST A/c |
|
|
|
1,00,000 |
|
|
(Being set-off input IGST against
output CGST) |
|
|
|
|
|
|
Output
CGST A/c |
Dr. |
|
50,000 |
|
|
|
To Input CGST A/c |
|
|
|
50,000 |
|
|
(Being
set-off input CGST against output CGST) |
|
|
|
|
|
|
Output
SGST A/c |
Dr. |
|
1,50,000 |
|
|
|
To Input SGST A/c |
|
|
|
1,50,000 |
|
|
(Being set-off input SGST against
output SGST) |
|
|
|
|
Question 12: Naman has following
balances in his GST Accounts as on 31st March, 2024:
|
|
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:
|
Date |
Particulars |
|
L.F. |
Dr. (`) |
Cr. (`) |
|
|
Output
IGST A/c |
Dr. |
|
2,50,000 |
|
|
|
To Input IGST A/c |
|
|
|
2,50,000 |
|
|
(Being
set-off input IGST against output IGST) |
|
|
|
|
|
|
Output
CGST A/c |
Dr. |
|
2,00,000 |
|
|
|
To Input CGST A/c |
|
|
|
2,00,000 |
|
|
(Being
set-off input CGST against output CGST) |
|
|
|
|
|
|
Output
SGST A/c |
Dr. |
|
2,00,000 |
|
|
|
To Input SGST A/c |
|
|
|
2,00,000 |
|
|
(Being
set-off input SGST against output SGST) |
|
|
|
|
|
|
Output
IGST A/c |
Dr. |
|
1,00,000 |
|
|
|
To Input SGST A/c |
|
|
|
50,000 |
|
|
To Input CGST A/c |
|
|
|
50,000 |
|
|
(Being
set-off input SGST and input CGST against output IGST) |
|
|
|
|
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Ts Grewal Solution 2024-2025
Class 11th
Chapter 12 – Accounting of Goods and Services Tax (GST)