Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Export entries

Shivani (Learner) (1881 Points)

07 December 2013

On 02-04-13, Aqua Limited exported 20000 Litres of AquaSure – 1 LTR at Rs. 35 per litre to Innovative Infomatics based in Singapore paying duty to the Government. Invoice No. AL/009.

Please check the following entries in books of Aqua Limited

1. Innovative Infomatics debit 786520

To Sales Exports 700000

To Basic Excise Duty 12% 84000

To Education Cess 2% 1680

To Senior Education Cess 1% 840

2. Claiming Refund of Duty paid

Excise Refund 86520

To Basic Excise Duty (CENVAT) 84000

To Education Cess 2% (CENVAT) 1680

To Senior Education Cess 1% (CENVAT) 840

3. What will be the entry when we receive payment from Innovative Infomatics?

4. What will be the entry when we get excise refund?

Thanks

Shivani

Reply
Follow
Share

2 Replies

VIKASH KUMAR JAIN (Audit Executive) (711 Points)
Replied 08 December 2013

In my views, refund entry should be. Respective duty and cess a/c dr. To Party a/c. Further, Party dr. To bank cr. (Reimbursement of refund assuming party were paid whole amount before refund granted).

Upgrade to CAclubindia Pro. Subscribe Now!

@sh jais (live the life otherwise life leaves u.....) (1539 Points)
Replied 08 December 2013

Export booked on,basis of commercial invoice issued to customer... Customer a/c dr. 786520 . To export sale 785620 excise duty receivable a/c dr. to bank at the time of payment reverse entry would be pass at the time of refund of duty...