Cenvat Credit on Fixed Assets
This query is : Open
25 May 2010
pls give me guidence regarding accounting entry for Cenvat Credit on Fixed Assets???
Its Urgent
Note That Please dont forget to mention the appropriate head to be for the ledger
Its Urgent
Note That Please dont forget to mention the appropriate head to be for the ledger
26 May 2010
Suppose u had purchased an capital goods of Rs.50000 plus excise duty Rs.5000 and cess rs.50 in FY-08-09.
capital goods A/c DR 50000
CenvatRecivable(capitalgoods) DR 2500
08-09
CenvatRecivable(capitalgoods) DR 25
Education cess 08-09
CenvatRecivable(capitalgoods) DR 2500
09-10
CenvatRecivable(capitalgoods) DR 25
Education cess 09-10
To Creditor A/c CR 55050
Note:1) All fixed assets are not capital goods. Capital goods which are defined under cenvat credit rules.
2) the above taken duty to just shown the mechanism
capital goods A/c DR 50000
CenvatRecivable(capitalgoods) DR 2500
08-09
CenvatRecivable(capitalgoods) DR 25
Education cess 08-09
CenvatRecivable(capitalgoods) DR 2500
09-10
CenvatRecivable(capitalgoods) DR 25
Education cess 09-10
To Creditor A/c CR 55050
Note:1) All fixed assets are not capital goods. Capital goods which are defined under cenvat credit rules.
2) the above taken duty to just shown the mechanism
28 May 2010
Please mention the heads under which those Cenvat Credit Receivables for 2 years i.e For 08-09 and 09-10 will go??
According to me For 08-09 it will be duties & Taxes while for 09-10 it will be under Current Taxes Is it right???
According to me For 08-09 it will be duties & Taxes while for 09-10 it will be under Current Taxes Is it right???
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
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Gift Received from nonblood relative
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Reprocessing of rectification order AY 2025-26
- Section 50-fixed asset-->building ceases to exist
- Consolidated financials
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
