Capital goods return to party under11 excise invocie
Querist : Anonymous
That time entries was pass
Capital goods (Under Fixed Assets) Dr 100
Excise Duty 10.3% Dr 10.30
Party (A) Cr 110.30
After some time we return welding machine to Party under excise invoice rule 11
My quire is that it is count in sale or less my assets because my accounting software making invoice only inventory items not Capital goods.
I make entries for Return to welding machine
Party A/c Dr 110.3
Sales Accounts with inventory Cr 100
Excise Duty 10.3% Cr 10.30
For less our Assets accounts
Sales account Dr 100
Welding machine A/c Cr 100
It is right or wrong kindly suggests me with full details.
at the time of cleaqrance you have to shift the capital goods to inputs and then make sales invoice.
stock in hand a/c dr
to Capital goods
now your entries wil go in row
Querist : Anonymous
That time entries was pass
Capital goods (Under Fixed Assets) Dr 100
Excise Duty 10.3% Dr 10.30
Party (A) Cr 110.30
After two months we return welding machine to Party under excise invoice rule 11
I make entries for Return to welding machine
Party A/c Dr 110.3
Sales Accounts with inventory Cr 100
Excise Duty 10.3% Cr 10.30
For less our Assets accounts
Sales account Dr 100
Welding machine A/c Cr 100
Will this welding machine return transaction increase our sales or only effect will go in Assets account. In which Excise Register (RG) we have to take this entry.
Querist : Anonymous
Querist : Anonymous
now when we return this Capital Goods it will be also come in RG 23C Part1 & II as Negative figure.
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