Purchased laptop for Rs. 20,000 @28% GST and amount paid by NEFT

 Purchased laptop for Rs. 20,000 @28% GST and amount paid by NEFT journal entry

DATE

PARTICULARS

L/F

DEBIT

CREDIT

30

Laptop A/c                 Dr.  Input CGST 14%        Dr.  Input SGST 14%        Dr.           To Bank A/c  [Being purchased laptop @28% GST and paid amount by NEFT]

20,000  2,800  2,800

25,600

 Purchased Laptop @28% GST and amount paid by NEFT. Laptop account is debited and CGST and SGST are also debited to debit side because Laptop is coming into business & GST is an expense for Business. And Bank account is credited because amount is paid by NEFT [National Electronic Fund Transfer]. NEFT refers to national electronic fund transfer

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