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
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