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
CA Amit Joshi
(Expert)
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
Lalit Maheshwari
(Expert)
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
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- Issuing of delivery challan by seller of goods
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
