Cenvat Credit on Fixed Assets
This query is : Open
25 May 2010
pls give me guidence regarding accounting entry for Cenvat Credit on Fixed Assets???
Its Urgent
Note That Please dont forget to mention the appropriate head to be for the ledger
Its Urgent
Note That Please dont forget to mention the appropriate head to be for the ledger
26 May 2010
Suppose u had purchased an capital goods of Rs.50000 plus excise duty Rs.5000 and cess rs.50 in FY-08-09.
capital goods A/c DR 50000
CenvatRecivable(capitalgoods) DR 2500
08-09
CenvatRecivable(capitalgoods) DR 25
Education cess 08-09
CenvatRecivable(capitalgoods) DR 2500
09-10
CenvatRecivable(capitalgoods) DR 25
Education cess 09-10
To Creditor A/c CR 55050
Note:1) All fixed assets are not capital goods. Capital goods which are defined under cenvat credit rules.
2) the above taken duty to just shown the mechanism
capital goods A/c DR 50000
CenvatRecivable(capitalgoods) DR 2500
08-09
CenvatRecivable(capitalgoods) DR 25
Education cess 08-09
CenvatRecivable(capitalgoods) DR 2500
09-10
CenvatRecivable(capitalgoods) DR 25
Education cess 09-10
To Creditor A/c CR 55050
Note:1) All fixed assets are not capital goods. Capital goods which are defined under cenvat credit rules.
2) the above taken duty to just shown the mechanism
28 May 2010
Please mention the heads under which those Cenvat Credit Receivables for 2 years i.e For 08-09 and 09-10 will go??
According to me For 08-09 it will be duties & Taxes while for 09-10 it will be under Current Taxes Is it right???
According to me For 08-09 it will be duties & Taxes while for 09-10 it will be under Current Taxes Is it right???
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