excise duty

This query is : Resolved

survesh (Querist)
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21 June 2010 Dear Sir,

A prop firm has purchased Mould Machine:

Mould Machine : 2090000.00
Excise : 209000.00
Ed Cess : 5000.00
CST 2% against C Form 49000.00

Total Payable : 2353000.00

What entry should I Pass for Booking Fix Asset. The Firm is Manuf. he pays Vat,Cst,Servicetax.

Can he get benefit of Excise Duty & CST Duty or all the Amount should be capitalized.He Had paid 27000.00 Transportation & 11000.00 Installation Charges.Please give me the perfect Idea & entry and logic to be used.

Transport,Excise,CST all shoud be Capitalized with Machine

Thanks & Regards

Arun Iyer

Arun Iyer (Expert)
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22 June 2010 DEAR SURVESH,

THE ENTY IS

MOULD MACHINE A/C DR 2177000
RG 23 C PART I A/C DR 104500
RG 23 C PART II A/C DR 104500
RG 23 C PART I ED. CESS A/C DR 2500
RG 23 C PART II ED. CESS A/C DR 2500

TO SUNDRY CREDITORS CAPITAL GOODS A/C
CR 2391000

NOTE: MOULD MACHINE AMOUNT OF RS. 2139000 INCLUDES ( RS.2090000 + RS.49000 + 27000 + 11000 )