Pla

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Subhashchandra (Querist)
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25 December 2012 do we maintain PLA account in books of account or just a PLA register is sufficient?
please pass the journal entries for the following situation:
a)asset purchased, 50% credit available and balance is carried forward.
Thanks in advance

Ajay Raghatate

Ajay Raghatate (Expert)
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27 December 2012 1. You have to maintain PLA account in financial Book, where you record transaction for excise duty paid & utilized

2. Asset A/c Dr
Cenvat on Capt Goods (50%) Dr
Cenvat on Hold (50%) Dr
To, Vendor

In second year you have to trf 50% cenvat from Hold account to Canvat on Capt Goods a/c.

Or
Book 100% in Cenvat on Capt Goods and avail 50% in Current year and at the end of the rear bal. 50% showing as current assets

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