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Accounting entry

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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.
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Sumit Grover

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Sumit Grover (Expert)
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
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