ACCOUNTING ENTRY ON PURCHASE FROM UN-REGISTERED DEALER
watch_later 9 months ago
Our company purchases materials from Chennai and the dealers turn over is less than 15 lakhs per year, our purchase will be RS 30 000/- once in two months, we pay in cash,
what shall be our purchase book entries, cash book entries.
First point, if you are purchasing from an unregistered dealer who is from Chennai, ask him to take registration as registration is compulsory for person making interstate outward supply.
You are located out of Chennai in that case you have to charge IGST on purchase from unregistered dealer and also make tax invoice on his behalf.
Invoicing is different from accounting.
You can read my article accounting under RCM.
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