Journal entry

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Practicing CA
24 Points Joined February 2016
E Pvt. Ltd. sales Goods (here hydraulic machine) to R Pvt. Ltd. in the year 2012 for Rs. 670280/- (Basic: 581940, excise:71927.79, CST:13077.36) against Retail invoice. Now in 2017, E Pvt. Ltd. purchases same goods from R Pvt. Ltd. for Rs.255000/- (Basic:250000, CST:5000). Please guide me regarding its Journal Entry in books of E Pvt. Ltd.
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On 19 January 2017 at 13:25 Report
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CHARTERED ACCOUNTANT
96 Points Joined November 2011

Hi,

Confirm my understanding..

1. Both the entities deal with purchase and sale of Hydraulic machines

2. Central Excise provisions are applicable for both.

 

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On 19 January 2017 at 13:32
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Practicing CA
24 Points Joined February 2016

1)E Pvt Ltd deals in hydraulic machines. For R Pvt Ltd it is a Capital goods.

2)Yes both R reg under excise.

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On 19 January 2017 at 15:09


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