Excisable rm adjustments
This query is : Open
29 November 2012
Hi All...
We are into mfg unit.......we had a physical stock taking last month and based on which we found diff between System stock (ERP) and Physical count.
How we can account physical stock in the system considering Excise Impact ??? we have the provision in the system to account Adjustment entry but my only concern is of Excise Impact.
Pls guide !!!
We are into mfg unit.......we had a physical stock taking last month and based on which we found diff between System stock (ERP) and Physical count.
How we can account physical stock in the system considering Excise Impact ??? we have the provision in the system to account Adjustment entry but my only concern is of Excise Impact.
Pls guide !!!
Arun Kumar Singh
(Expert)
29 November 2012
you are aware that where is difference and give the factual reason for account adjustment.
29 November 2012
Yes Mr. Arun..
We have counted physical stock only once in this FY......
as far as RM showing More in the system but Less in physical we are showing one production entry to adjust RM stock and we are also recording FG out of that adj entry into RG-1
but i m confused abt Less in system stock and more in physical........what entry can be passed and where to show in excise records.
We have counted physical stock only once in this FY......
as far as RM showing More in the system but Less in physical we are showing one production entry to adjust RM stock and we are also recording FG out of that adj entry into RG-1
but i m confused abt Less in system stock and more in physical........what entry can be passed and where to show in excise records.
Arun Kumar Singh
(Expert)
29 November 2012
remaining balance of raw material you can show in waste and scrap. waste and scrap should be cleared from factory with payment of excise duty.
29 November 2012
In case of Clearing material as a Scrap....does we need to pay Excise duty in the apportion of Cenvat Received on the purchase of respective RM or any other valuation can be consider ???
Arun Kumar Singh
(Expert)
29 November 2012
you can pay the duty of scrap from cenvat credit.
29 November 2012
Thinking other way.......can it possible to record excess physical RM as a Free samples received ??? in this case might be No excise duty will impact on RG 1 as well as Cenvat register......
Correct me if wrong !!!
Correct me if wrong !!!
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- ETDS return q4 25-26
- Tax on Amount transferred in HUF Account
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- 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
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
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
