Accounting Treatment required
This query is : Resolved
22 July 2010
Sir,
I am working in a Integrated Steel Manufacturing Company where I am facing a problem and want to discuss with you and want accounting treatment.
" Company is manufacturing MS Billet,TMT and Sponge Iron, On the other hand our power plant project is under construction where the company consumes its product like TMT for Construction of factory Shed.
and for the same we raise Excise Invoice.
No if I book our excise Invoice as sales of TMT than how I will capitalise it because the TMT is utilised in construction of Power Plant
thanking you
MD Sarzad Ansari
I am working in a Integrated Steel Manufacturing Company where I am facing a problem and want to discuss with you and want accounting treatment.
" Company is manufacturing MS Billet,TMT and Sponge Iron, On the other hand our power plant project is under construction where the company consumes its product like TMT for Construction of factory Shed.
and for the same we raise Excise Invoice.
No if I book our excise Invoice as sales of TMT than how I will capitalise it because the TMT is utilised in construction of Power Plant
thanking you
MD Sarzad Ansari
22 July 2010
Dear Frd
U have to capitalised the TMT issued for plnt.
The entry is
Plant A/c Dr.
TO Central excise Due on it
To Stock
U have to capitalised the TMT issued for plnt.
The entry is
Plant A/c Dr.
TO Central excise Due on it
To Stock
13 August 2010
Why are you transfering the goods under tax invoice? show it as captive consumtion of FG & capitalised it
Capital work in progress DR.
TO Finished Goods
Capital work in progress DR.
TO Finished Goods
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