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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