Part 1: GST Basics & Purchase Journal Entries

Description:
In this section, we lay the groundwork for your understanding of financial accounting under GST. You’ll begin with an overview of Goods and Services Tax (GST) and how it integrates into double entry bookkeeping. We then move on to practical journal entries for different types of purchases, including both intra-state and inter-state transactions. You’ll also learn how to pass entries for trade discounts and purchase returns, ensuring you build a strong base for accounting with GST.

Topics Covered:

• Introduction to Accounting & GST

• Basics of GST and its impact on accounting

• GST Journal Entries (with examples)

• Purchase Entry – Intra-State

• Purchase Entry – Inter-State

• Trade Discount Entry

• Purchase Return Entry

Part 2: Accounting for Drawings, Rent & Business Expenses

Description:
This section focuses on non-purchase business transactions and how to record them accurately in your books. Learn how to pass journal entries for personal use of goods (Drawings), recurring business expenses like Rent, and capital expenditures such as Asset Purchases. We'll also cover day-to-day business expenses like Telephone Charges and Advertisement Costs, helping you develop a clear understanding of expense accounting under GST.

Topics Covered:

• Drawing Entry

• Rent Expense Entry

• Asset Purchase Entry

• Telephone Charges Entry

• Advertisement Expense Entry

Part 3: Business Expense Entries & Abnormal Losses

Description:
In this part, we focus on miscellaneous business expenses and losses, which are often overlooked but critical in accounting. You’ll learn how to account for regular office expenses like Bank Charges, Printing & Stationery, Postage & Courier, and also handle abnormal loss entries like goods lost by fire, goods gifted to staff, and goods distributed as free samples. Each entry is explained with practical context and GST impact.

Topics Covered:

• Bank Charges Entry

• Printing & Stationery Expense Entry

• Postage & Courier Expense Entry

• Goods Lost by Fire Entry

• Goods Gifted to Staff Entry

• Goods Distributed as Samples Entry

Part 4: Sales Journal Entries with GST

Description:
Now that you understand purchases and expenses, this section dives deep into sales transactions under the GST regime. Learn how to record sales journal entries for both intra-state and inter-state supplies, handle sales returns and adjustments, and account for inclusive GST pricing. We’ll also look at rent income accounting, covering both income and GST aspects. This part strengthens your understanding of revenue-side accounting.

Topics Covered:

• Introduction to Double Entry Bookkeeping & GST

• Sales Journal Entries – Intra-State

• Sales Return & Adjustment Entries – Intra-State

• Sales Journal Entries – Inter-State

• Sales Return & Adjustment Entries – Inter-State

• Rent Income Accounting

• Sales Entries with Inclusive GST Pricing

Part 5: Income Entries, Discounts & ITC Adjustments

Description:
The final section focuses on other incomes, discounts, and adjustments of GST liability. Learn how to account for commission income, apply trade and cash discounts, and adjust Output GST Liability with Input Tax Credit (ITC). These topics are crucial for finalizing accounts and ensuring compliance with GST provisions.

Topics Covered:

• Commission Income Accounting

• Trade Discount Entry (Sales Side)

• Cash Discount Entry

• Adjusting Output GST Liability with ITC

• Final Wrap-up and Conclusion