Cenvat Credit on Fixed Assets

This query is : Open

CA Saurabh (Querist)
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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

CA.Amit Revankar

CA.Amit Revankar (Expert)
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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

CA Saurabh

CA Saurabh (Querist)
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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???

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