Loss by fire drawing and charity under GST Tally ERP

Loss by fire drawing and charity under GST Tally ERP

 

ITC will not be available under the following condition under GST law
goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples

Journal Entries to Pass

Loss by fire A/c Dr

To Purchase A/c

(being goods loss by fire)

Loss of Goods A/c Dr.

To Purchases

(being goods lost)

To maintain Entires inTally

Create ledgers

S.NO Ledger Group
1 Loss of Goods Indirect Expense
2 Loss By Fire Indirect Expense
3 Charity A/c Indirect Expense
4 Advertisement Indirect Expense
5 Drawing A/c Indirect Expense
6 Expense on Purchase Indirect Expense

After purchasing goods with GST in Tally

Go f7 Journal

Following voucher are created

Loss By fire A/c

To Purchases

(being goods loss by fire)

Charity A/c

To Purchases A/c

(being goods given away as charity)

Advertisement A/c

To Purchases A/c

(being goods given as free sample)

Drawing A/c

To Purchases A/c

(being goods taken by employee)

 

Now the tax paid on purchase ITC is permitted therefore

Go to Gateway of tally > Accounting voucher >F7 >press Alt+s

select >GST>

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