Malaysia GST Forum
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Malaysia GST Forum

A forum for all to discuss GST issues

Who is online?
In total there are 9 users online :: 0 Registered, 0 Hidden and 9 Guests

None

[ View the whole list ]


Most users ever online was 44 on Wed Dec 06, 2023 3:30 am
Latest topics
» This forum no longer accept new postings
GST Accounting for deemed supply EmptyFri Jul 03, 2015 9:34 am by joseph

» Industrial Diesel
GST Accounting for deemed supply EmptyFri Jul 03, 2015 9:11 am by joseph

» ICT industry
GST Accounting for deemed supply EmptyFri Jul 03, 2015 9:10 am by joseph

» Input Tax (Passenger Car for business purpose)
GST Accounting for deemed supply EmptyMon Jun 29, 2015 5:25 pm by joseph

» Conditions to Claim Input Tax
GST Accounting for deemed supply EmptyMon Jun 29, 2015 3:12 pm by joseph

» Additional industry code
GST Accounting for deemed supply EmptySun Jun 28, 2015 5:53 pm by joseph

» Sales Commisions
GST Accounting for deemed supply EmptyFri Jun 26, 2015 7:44 pm by Poon1

» Advance payment for services not rendered yet
GST Accounting for deemed supply EmptyThu Jun 25, 2015 4:13 pm by joseph

» Turnover Below RM500,000 subequent to GST registration
GST Accounting for deemed supply EmptyWed Jun 24, 2015 6:16 pm by joseph

» Consigment Sales
GST Accounting for deemed supply EmptyWed Jun 24, 2015 6:00 pm by joseph

» GST Accounting Entries
GST Accounting for deemed supply EmptyTue Jun 23, 2015 10:21 pm by joseph

» Advance payment received from Customer
GST Accounting for deemed supply EmptyTue Jun 23, 2015 5:45 pm by joseph

Statistics
We have 352 registered users
The newest registered user is molifar

Our users have posted a total of 570 messages in 139 subjects
Search
 
 

Display results as :
 

Rechercher Advanced Search


GST Accounting for deemed supply

3 posters

Malaysia GST Forum :: Specific Topics :: Accounting for GST

Go down

GST Accounting for deemed supply Empty GST Accounting for deemed supply

Post by honeystar34 Thu May 07, 2015 9:58 pm

Gift for customer > RM500
Example : total gift value RM600 including GST

Double entry :
DR Gift RM600
DR input tax RM 33.96
CR output tax. RM 33.96
CR Cash. RM 600

Anyone can advice whether the above entry is correct?

honeystar34

Posts : 8
Join date : 2015-04-23

Back to top Go down

GST Accounting for deemed supply Empty Re: GST Accounting for deemed supply

Post by joseph Fri May 08, 2015 9:57 am

To record the double entries you suggested and capturing the tax codes at the same time would almost be impossible through any accounting software. You would need clearing account.

Yes, ultimately the accounting entries will look like that upon elimination of clearing account.

joseph

Posts : 277
Join date : 2014-09-25

Back to top Go down

GST Accounting for deemed supply Empty Re: GST Accounting for deemed supply

Post by honeystar34 Fri May 08, 2015 11:37 am

thx for your advise Joseph =)

honeystar34

Posts : 8
Join date : 2015-04-23

Back to top Go down

GST Accounting for deemed supply Empty CASH MONETARY REWARD

Post by Jullia Tue May 19, 2015 6:09 pm

How about cash Monetary rewards for staff, let say more than RM500 is it must accounted Output tax?

Jullia

Posts : 3
Join date : 2015-05-15

Back to top Go down

GST Accounting for deemed supply Empty Re: GST Accounting for deemed supply

Post by joseph Tue May 19, 2015 9:34 pm

No, money is neither a supply of goods nor a supply of services.

joseph

Posts : 277
Join date : 2014-09-25

Back to top Go down

GST Accounting for deemed supply Empty Re: GST Accounting for deemed supply

Post by Jullia Wed May 20, 2015 9:31 am

tq

Jullia

Posts : 3
Join date : 2015-05-15

Back to top Go down

GST Accounting for deemed supply Empty Re: GST Accounting for deemed supply

Post by Sponsored content


Sponsored content


Back to top Go down

Back to top

- Similar topics

Malaysia GST Forum :: Specific Topics :: Accounting for GST

 
Permissions in this forum:
You cannot reply to topics in this forum