04 October 2009
In the context of a Manufacturing Company.....
what are the accounting entries to be passed at various stages i,e passing excise provision, availing input credit etc.... also What does the role of PLA in between various entries ?
a) Sale made involving Excise b) Purchases made invloving Excise c) Imports made, used as input item in the manufacture and payment of Custom duty against Import d) Capital Item purchased involving Excise/custom e) Sales/Export Return against any sale transaction
18 October 2009
a) For sale Transaction to ABC Basic Value Rs 100/= + ED @ 8.24% + VAT 12.5% = 100 + 8.24 + 13.53 =121.77 rounded off to Rs 122/=
Entry will be
Customer / ABC A/c DR 122/=
Sale A/c Cr 100/= VAT Payable A/c cr 13.53 ED Payable A/c cr 8.24 Rounding off A/c cr 0.23
b) Purchases made invloving Excise
Pur A/c Dr 100/= VAT Receivable A/c Dr 13.53 ED Receivable A/c Dr 8.24 Rounding off A/c Dr 0.23 Supplier / ABC A/c Cr 122/ c) Imports made, used as input item in the manufacture and payment of Custom duty against Import similar as entry B d) Capital Item purchased involving Excise/custom As per entry B e) Sales/Export Return against any sale transaction
Please check up the Excise Duty Credit is allowable in the transaction and accordingly pass the entry
CAclubindia
