KANHU CHARAN SAMAL (ARTICLE ASSISTANT STUDENT CA FINAL) (67 Points)
29 April 2013what are the accounting entries to be done for excise duty (including the provision entry as per the guidance note issued by ICAI)?
Amber Jain
(Article Assistant)
(206 Points)
Replied 29 April 2013
Hello Kanhu,
The accounting required to be passed is,
Goods A/c Dr
Cenvat A/c Dr
Edu Cess A/c Dr
High Edu Cess A/c Dr
To party a/c cr
& if the goods are capital goods we will book the cenvat by full amount and in year end we will pass a defferment entry by Debiting Defferment of Cenvat & credit Cenvat a/c.
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