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Excise Duty Calculation, Payment...URgent Sir!!! (Excise)

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This query is : Resolved



( Author )
09 August 2010

Dear Experts,
I have already posted this query but no reply for this, thats why i am again posting this query. Help me...Its very urgent...
1) How i have to calculate Excise Duty liability for a company?
2) What is the entry for recognizing the excise duty ?
3) what is the entry when it is passed on to the buyer?
The above queries given with an example:
Purchases---> Raw Material A Raw Material B
Base Price for A 1000 B 1200
Excise Duty for A80 B 96
VAT for A 43.2 B 51.84
Total for A 1123 B 1348
(rounded off to the nearest rupee)
Now after finishing the manufacturing process, the Company makes a Sale As per the Valuation Rules it is Rs.4500.

Sales ---> Finished Goods C
Base Price 4500
Excise 450
VAT 198
Total 5148
(rounded off to the nearest rupee)

Payment made to PLA Rs.300 so that he can remove the goods without any problem. Also give entry to the above.
Thanks for everyone who replied for this.
With regards,
Rajesh.


CA. BIJENDER KR. BANSAL

( Expert )
09 August 2010

AT THE TIME OF PURCHASE OF RAW MATERIAL

PURCAHSE - RM DR 2200
CENVAT INPUT DR 176
VAT RECEVIVABLE DR 95
TO VENDOR/CASH 2471

AT THE TIME OF SALE
VENDOR / CASH DR 5148
CEVAT PAYABLE CR 450
VAT PAYABLE CR 198
SALES CR 4500/-


AT THE END OF MONTH FOR ADJUST OF CENVAT
CENVAT PAYABLE DR. 450
CENVAT INPUT CR 176
PLA CR 274/-


PLA DR 300/-
BANK CR 300/-


SAME ENTRY FOR VAT ALSO

VAT PAYABLE DR 198
VAT RECEIVABLE CR 95/-
CASH/BANK CR 103/-


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