Accounting Treatment required

This query is : Resolved

sarzad (Querist)
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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

CA Amit Joshi

CA Amit Joshi (Expert)
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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

Lalit Maheshwari

Lalit Maheshwari (Expert)
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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

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