Guys,
I just wanted to know what is the entry we pass in Books related to PLA?
1. For the first time if we are depositing the amount in PLA a/c, what would be the entry?
2. If we are utilising some part of PLA a/c, what would be the entry?
Mohit
1 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 27 April 2012
PLA is shown as an current Asset in the B/s. The amount is paid by way of advance to the excise authorities if the excise duty payable falls short of the input credit When the payment is made the below entry is psoted:
PLA Dr
To- Bank A/c
When the Input Credit for excise duty & service tax paid falls short of the duty liability payable, then the amount from PLA is utilized. the below entry will be passed for utilization of PLA balance:
Excise Duty Dr
To-Input Credit on ED
To-PLA A/c
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