sneha (accountant) (43 Points)
19 November 2012Consider 3 parties A,B and C.
1)A - (Purchasing party)(is Not Excise registered)(From Mumbai)
2)B - (Consignee)(is Excise registered)
3)C - (Consigner/Seller)(From Goa)
What will be the accounting entries in the books of A,B and C ? Please provide explainations for the entries also.
For example Purchases- Rs. 500,000 Excise - 10000 CST- 5000
Brajesh gautam
(student)
(232 Points)
Replied 20 November 2012
you did not mention that seller is registered under excise or not and if there are different state then this is E1 transaction
in the books of C. if registered
B Dr 515000
to sale 500,000
to excise 10000
to cst 5000
in the books of B
Purchase DR 505000
Excise Duty Dr 10000
to C 515000
in the books of A
Purchase Dr 515000
to B 515000
entered full amt since not registered.
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