what are the accounting entries to be done for excise duty (including the provision entry as per the guidance note issued by ICAI)?
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Accounting of excise
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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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