Accounting Entries for Cenvat Credit adjustment
This query is : Resolved
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.?
Can anyone tell me accounting entries for availing Input CC against Output CC and booking net ED payable for the month/Qtr.?
CA. RAVIKUMAR
(Expert)
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
output ED a/c.........Dr 5000
To Input ED A/c 2000
To Bank/Cash A/c 3000
VIVEK BARANWAL
(Expert)
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)
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)
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