Accounting entry
This query is : Resolved
02 May 2013
One of my client being a Pvt Ltd.Co.has engaged in manufacturing activities & also covered under excise/service tax.The company purchases an input from a supplier against C form.The relevant Bill of supplier related to 30.03.2013 & goods received in April,2013 within Factory premises.The details of purchase value is as under:-
Basic value Rs.195836/-
Basic Excise Duty Rs. 22664/-
Education Cess Rs. 453/-
Higher Edcu.Cess Rs. 226/-
Total Rs.219179/-
Now query is how to account for in Books of Account both in F.Y.2012-13 & F.Y.2013-14 respectively after keeping in mind the excise rules i.e. whether we have to account for as purchases or Goods in Transit.
Please reply urgently.
Thanks in advance.
Basic value Rs.195836/-
Basic Excise Duty Rs. 22664/-
Education Cess Rs. 453/-
Higher Edcu.Cess Rs. 226/-
Total Rs.219179/-
Now query is how to account for in Books of Account both in F.Y.2012-13 & F.Y.2013-14 respectively after keeping in mind the excise rules i.e. whether we have to account for as purchases or Goods in Transit.
Please reply urgently.
Thanks in advance.
02 May 2013
In FY 12-13...Goods in transit & CENVAT (deffered A/c) to be accounted.
In FY 13-14 amount to be transferred to Purchases A/c & CENVAT AVailed A/c respectively
In FY 13-14 amount to be transferred to Purchases A/c & CENVAT AVailed A/c respectively
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
