Basic knowledge of excise

Save Share

This query is : Open

anil lamboria (Querist)
Follow

21 January 2013 Plz Anyone can help me for basic knowledge of excise....??

what is RG23A A/c , RG23C A/c , PLA A/c ...??

The basic accounting Entry With RG23A A/c , RG23C A/c , PLA A/c And final entry in P&L A/C And Balance sheet ..........??

And Plz Also suggest how to do Audit of such documents ......!!!

CA Himanshu Kansal

CA Himanshu Kansal (Expert)
Follow

21 January 2013 The form RG23A is Actually RG23A- Part-I and Part-II and it was required to be maintained by the Central Excise Duty payers. All raw material received is credited RG23a Part-I and issue for production is debited, this is stock register of excisable raw material. RG23A Part-II is the register for Cenvat Credit. Cenvat credit on all raw material is taken in part - II and duty from cenvat credit account is debited. RG23C Part-I is register of capital goods and RG23C Part-II is register of cenvat credit on capital goods.

PLA a/c is Personal Ledger account, through which we pass the entries of excise duty paid. the entry should be
i)Excise duty payable a/c Dr
To Input cenvat credit a/c
To PLA a/c

ii) PLA a/c Dr.
To bank a/c
During Audit we generally ensure the correct recording of sales and purchase invoices and ensure the correct availment of ITC.

Message likes : 2 times

anil lamboria

anil lamboria (Querist)
Follow

21 January 2013 Thanks For your valuable reply sir....!!

anil lamboria

anil lamboria (Querist)
Follow

21 January 2013 => Entry at the time of purchase

Purchase a/c Dr.
Input cenvat credit (RG23A Part-II) Dr.
To Creditors A/c

And

=> At the Time of Utilization Of Cenvat Credit....

i Excise duty payable a/c Dr.
To Input cenvat credit (RG23A Part-II)
To PLA a/c

ii) PLA A/c Dr.
To Bank A/c

And Same As In Case OF Capital Goods i.e. RG23C

Plz Say If This Entries Are Correct .......??

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now