Accounting Entries for Cenvat Credit adjustment

This query is : Resolved

Ajay.G (Querist)
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13 May 2011 Dear sir,

Can anyone tell me accounting entries for availing Input CC against Output CC and booking net ED payable for the month/Qtr.?

CA. RAVIKUMAR

CA. RAVIKUMAR (Expert)
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14 May 2011 for example if your output ED is 5000, input is2000 and balance payable is3000 then the Entry will be,

output ED a/c.........Dr 5000
To Input ED A/c 2000
To Bank/Cash A/c 3000

VIVEK BARANWAL

VIVEK BARANWAL (Expert)
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14 May 2011 1. Availing Input credit

Purchase A/C Dr 150
Cenvat availed A/C Dr 15

To Party AC CR 165

2. Selling Excisable goods

Customer A/C DR 220

TO EXCISE(TURNOVER) CR 20
TO Sales A/C CR 200

3. SET OFF OF EXCISE PAYBLE WITH CENVAT

EXCISE (EXPENDITURE) A/C DR 20

TO CENVAT CR 10
TO BANK CR 10

NOW AT THE YEAR END

1. RS 20 (EXCISE(TURNOVER)) SHOWN IN P/L A/C CREDIT SIDE

2. RS 20 (EXCISE(EXPENDITURE)) SHOWN IN P/L A/C DEBIT SIDE

3. RS 5 (CENVAT) IS SHOWN IN BALANCE SHEET (ASSETS)