Please Suggest me the Journal Entries for Following Transaction.
Purchase Capital Goods Worth Rs 500000.
Excise Duty on same 50000
CST 10000
Since ED is Allowed in Two Financial Year then What will be the Entry .
Naveen Chand Khulve (CA) (1521 Points)
08 March 2009Please Suggest me the Journal Entries for Following Transaction.
Purchase Capital Goods Worth Rs 500000.
Excise Duty on same 50000
CST 10000
Since ED is Allowed in Two Financial Year then What will be the Entry .
H.R.Sampath Kumar
(Company Secretary)
(62 Points)
Replied 09 March 2009
Capital Goods A/c Dr 500000 Dr
Cenvat Credit Receivabvle 2009-10 25,000 Dr
Cenvat Credit Receivable 2010-11 25,000 Dr
CST 10,000 Dr
To Supplier's Ac/ Bank A./c or Cash Account 5,60,000
CA SUDIPTA SINHA
(Commerce Coaching- Accounts Cost FM)
(735 Points)
Replied 09 March 2009
as excise duty is allowed input credit can be obtained from that....but in case of CST no input credit is allowed. hence the amount paid for CST should form part of the value of capital goods and should be capitalised. No CST a/c should be debited seperately...
VIJENDRA DARGAR
(JOB)
(95 Points)
Replied 10 March 2009
CAP. GOODS A/C DR. 510000
CENVET CR RECEIVABLE 09-10 DR. 25000
CENVET CR RECEIVABLE 10-11 DR. 25000
TO SUPPLIER/BANK 560000
LAXMIKANT JAIPURKAR
(Practicing Company Secretary/Tax Consultant)
(403 Points)
Replied 10 March 2009
correct
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 27 March 2009
vijendra's entry is right
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 28 March 2009
ya Vijendra is correct (CST is not cenvatable)and ED shall be adjusted in 2 year
good
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
