I have a question about the above captioned matter, as described below,about which I request the experts to give a detailed reply if possible
If we send our goods to our customer for which we have charged excise duty, and, if, afterwards, they say they do not want the goods then goods have to come back to factory (THIS IS NOT FOR REPAIRS ETC. GOODS ARE BACK)
When the goods were sent, the Sales A/c, CED/EC/S&HEC and VAT accounts were credited in the books of accounts (automatic process in compute). After the receipt back of goods, those credit entries will have to be reversed, not only in excise rcords, but also in the books. Now my questions are as below
1) Is it possible (allowed by excise rules) to prepare an invoice with negative quantity (same quantity as cleared but with negative sign) so that the books all the credit entries can be reversed.
2) When the unused goods are received back, the stock will also increase. Will there have be any entry in the daily stock register (like a production entry) ? And what about the excise reversal entry? Will it be made in the DSA or in CENVAT CREDIT REGISTER?
Amd, if there are any correct ways, please guide so that both the excise records and books of accounts can be properly maintained.
These are important matters. Experts please guide.
CAclubindia
