Basic knowledge of excise

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anil lamboria (Querist)
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21 January 2013 Plz Anyone can help me for basic knowledge of excise....??

what is RG23A A/c , RG23C A/c , PLA A/c ...??

The basic accounting Entry With RG23A A/c , RG23C A/c , PLA A/c And final entry in P&L A/C And Balance sheet ..........??

And Plz Also suggest how to do Audit of such documents ......!!!

CA Himanshu Kansal

CA Himanshu Kansal (Expert)
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21 January 2013 The form RG23A is Actually RG23A- Part-I and Part-II and it was required to be maintained by the Central Excise Duty payers. All raw material received is credited RG23a Part-I and issue for production is debited, this is stock register of excisable raw material. RG23A Part-II is the register for Cenvat Credit. Cenvat credit on all raw material is taken in part - II and duty from cenvat credit account is debited. RG23C Part-I is register of capital goods and RG23C Part-II is register of cenvat credit on capital goods.

PLA a/c is Personal Ledger account, through which we pass the entries of excise duty paid. the entry should be
i)Excise duty payable a/c Dr
To Input cenvat credit a/c
To PLA a/c

ii) PLA a/c Dr.
To bank a/c
During Audit we generally ensure the correct recording of sales and purchase invoices and ensure the correct availment of ITC.

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anil lamboria

anil lamboria (Querist)
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21 January 2013 Thanks For your valuable reply sir....!!

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anil lamboria

anil lamboria (Querist)
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21 January 2013 => Entry at the time of purchase

Purchase a/c Dr.
Input cenvat credit (RG23A Part-II) Dr.
To Creditors A/c

And

=> At the Time of Utilization Of Cenvat Credit....

i Excise duty payable a/c Dr.
To Input cenvat credit (RG23A Part-II)
To PLA a/c

ii) PLA A/c Dr.
To Bank A/c

And Same As In Case OF Capital Goods i.e. RG23C

Plz Say If This Entries Are Correct .......??