Treatment of Excise
This query is : Resolved
23 July 2009
In financial account how will we treat the excise figure ie.RG register capital goods input& Credit taken.Please give the details with journal entry.
24 July 2009
If the Excise credit is taken by the client then following entry needs to be passed at the time of booking the purchase of capital goods;
Assets A/c. Dr. 100.00
Excise Receivable Dr. 7.21
Excise receivable (50%) Dr. 7.21
VAT/CST REceivable Dr. 4.00(apx)
To Party Account 118.42
Assets A/c. Dr. 100.00
Excise Receivable Dr. 7.21
Excise receivable (50%) Dr. 7.21
VAT/CST REceivable Dr. 4.00(apx)
To Party Account 118.42
24 July 2009
In case of Capital good 50% Credit is avalable in first FY i.e. in FY of purchase the material and the rest 50% has to be availed in Next FY year.
Entry would be same as suggested by Mr. Shah but the 50% for Next FY can not be treated for duty payment in current FY.
in case of Input it is avilable 100% in FY of purchases made.
Entry would be same as suggested by Mr. Shah but the 50% for Next FY can not be treated for duty payment in current FY.
in case of Input it is avilable 100% in FY of purchases made.
31 July 2009
tanks expert
Subhash kumar gorai
Cellno. 9204162180
(CA (Inter))
Subhash kumar gorai
Cellno. 9204162180
(CA (Inter))
17 August 2009
Dear Expert,
If I have passed entry related to above transaction :
1) Assets A/c ............Dr. 118.42
To Party A/c 118.42
2) ED Rec. A/c.............Dr 7.21
ED Rec. A/c.............Dr.7.21
Input Vat A/c ..........Dr.4.00
To Assets A/c 18.42
3) PLA (ED)................Dr.
PLA (E.Cess)............Dr.
PLA (S & H E Cess) .....Dr.
To Bank/Cash
4) Party A/c...............Dr.
To Direct Sale A/c
To ED Payable A/c
To E.Cess A/c
To S & H E.Cess A/c
At the time of credit utilised following entry has passed:
ED Payable A/c ..........Dr
E.Cess Payable A/c.......Dr.
S& H E.Cess Payable A.c..Dr.
To ED Rece. A/c
To E.Cess A/c
To S & H E.Cess A/c
To PLA (ED) A/c
To PLA (E.Cess) A/c
To PLA (S & H E.Cess)A/c
Is the above entry has correct or wrong ?
If I have passed entry related to above transaction :
1) Assets A/c ............Dr. 118.42
To Party A/c 118.42
2) ED Rec. A/c.............Dr 7.21
ED Rec. A/c.............Dr.7.21
Input Vat A/c ..........Dr.4.00
To Assets A/c 18.42
3) PLA (ED)................Dr.
PLA (E.Cess)............Dr.
PLA (S & H E Cess) .....Dr.
To Bank/Cash
4) Party A/c...............Dr.
To Direct Sale A/c
To ED Payable A/c
To E.Cess A/c
To S & H E.Cess A/c
At the time of credit utilised following entry has passed:
ED Payable A/c ..........Dr
E.Cess Payable A/c.......Dr.
S& H E.Cess Payable A.c..Dr.
To ED Rece. A/c
To E.Cess A/c
To S & H E.Cess A/c
To PLA (ED) A/c
To PLA (E.Cess) A/c
To PLA (S & H E.Cess)A/c
Is the above entry has correct or wrong ?
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