CBSE Class 11-commerce Answered
Being goods costing Rs 2000 was taken by proprietor for personal use the market value of these goods is Rs 2500
Asked by Sunitamukesh577 | 05 Apr, 2019, 01:15: AM
Expert Answer
Such goods for personal use are also termed as Drawing by the proprietor. Since GST (input GST) was paid at the time of purchase of such goods, it is now to be reversed as it is not available to set off against the output GST.
Drawings A/c …Dr.
To Purchases A/c (cost of goods)
To Input CGST A/c (CGST on goods)
To Input SGST A/c (SGST on goods)
To Input IGST A/c (IGST on goods)
(Being the goods withdrawn for personal use and GST thereon reversed)- Such goods for personal use are also termed as Drawing by the proprietor. Since GST (input GST) was paid at the time of purchase of such goods, it is now to be reversed as it is not available to set off against the output GST.
Drawings A/c …Dr.
To Purchases A/c (cost of goods)
To Input CGST A/c (CGST on goods)
To Input SGST A/c (SGST on goods)
To Input IGST A/c (IGST on goods)
(Being the goods withdrawn for personal use and GST thereon reversed)
Answered by Surabhi Gawade | 05 Apr, 2019, 09:59: AM
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