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Sale of Fixed Assets under GST in TallyERP9

If you Sale Fixed Asset of your organisation (if any, after Depreceiation), the following points should be taken into consideration ....

  • Ensure the Ledger used for 'Sale of Fixed Assets' is grouped under Sales Accounts 

  • To view details in GST Reports, Record Sale of Fixed Asset in Accounting Invoice, by selecting the GST ledgers based on the party's Place of Supply

  • OR alternatively, Sale of Fixed Assets can be recoreded in Journal Voucher. But you can not generate the Sales Invoice.

  • This sale value will appear in your trading account and Sales Register . As the sale is of Fixed Asset, you need to transfer this amount to 'Fixed Asset' Ledger, to form part of the Balance Sheet .

  • Journal entries must be passed for adjusting profit or loss on sale of fixed assets

(A) Sale of Fixed Assets uner GST in Tally.ERP9

Step-1 : Create a Ledger ' Sale of Fixed Asset' under Sales Account with GST Applicable @18%

Creating Sale of Fixed Assets Ledger for record of Sale under GST in TallyERP9
(Fig-188)

Step-2 : Record Sales Voucher for Sale of Fixed Assest in Tally.ERP9

Go to Gateway of Tally > Accounting Vouchers > F8: Sales > click : Accounting Invoice .

Ensure the ledger used for sale of fixed assets is grouped under Sales Accounts . Record sale of fixed asset in accounting invoice, by selecting the GST ledgers based on the party's Place of Supply .

Sale of Fixed Asset in Sale Invoice with GST in TallyERP9
(Fig-189)

Note: Sale of fixed asset can be recorded in journal voucher as shown below, but you cannot generate the sales invoice.

Journal Voucher for record Sale of Fixed Asset wilth GST in TallyERP9
(Fig-190)

Step-3 : Transfer Sales of Fixed Asset Ledger to Fixed Asset Ledger ( Created under Fixed Asset) through Journal Voucher in Tally.ERP9

This sale value will appear in your trading account and Sales Register . As the sale is of fixed asset, you need to transfer this amount to fixed asset ledger, to form part of the Balance Sheet .

(1) Create a Ledger 'Fixed Asset' under Fixed Asset

Creation of Fixed Asset Ledger in TallyERP9
(Fig-191)

(2) Journal Voucher for Tranfering Sale of Fixed Assets Ledger (under Sale Account) to Fixed Asset Ledger in TallyERP9

Go to Gateway of Tally > Accounting Vouchers > F7 : Journal Voucher.

Journal Voucher for Transfer of Sale of Fixed Asset Ledger to Fixed Asset in TallyERP9
(Fig-192)

(B) View GST details in GSTR-1 Report for Sale of Fixed Asset with GST in TallyERP9

Go to Gateway of Tally > Display > Statutory Reports > GST > GSTR-1 .

If the fixed asset is sold to:

  • Registered dealer, the details will appear under B2B Invoices.

  • Unregistered dealer, the details will appear under B2C Invoices.

View GST details in GSTR-1 Report for Sale of Fixed Asset with GST in TallyERP9
(Fig-193)

 
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