Excise
This query is : Resolved
deepak sethi
(Querist)
03 January 2011
What is the Accounting Treatment of Modvat
Ram Avtar Singh
(Expert)
03 January 2011
Assuming that you are going to avail excise duty credit on purchases, the cenvat credit should be booked under cenvat received account. It should be current asset and will not form part of purchase cost.
For example. You have made a purchase of Rs. 100 and Ex. duty is Rs.16. The total amount is Rs.116.
The purchase entry should be
Dr. Purchase Account Rs.100
Dr. Centvat received Rs 16
Cr Party's account Rs 116
For example. You have made a purchase of Rs. 100 and Ex. duty is Rs.16. The total amount is Rs.116.
The purchase entry should be
Dr. Purchase Account Rs.100
Dr. Centvat received Rs 16
Cr Party's account Rs 116
deepak sethi
(Querist)
03 January 2011
how to credit cenvat?
Ram Avtar Singh
(Expert)
04 January 2011
Duty Paybale (on Sale) dr
Duty received(RG23A Part-II) Cr
RG23c Part-II Cr
PLA CR
Service Tax Cr
(Being amt of duty payable paid)
Duty received(RG23A Part-II) Cr
RG23c Part-II Cr
PLA CR
Service Tax Cr
(Being amt of duty payable paid)
deepak sethi
(Querist)
31 January 2011
DEAR SIR
WHAT IS THE PROCESS OF ADDITIONAL OR CHANGE THE GODOWN ADDRESS IN EXCISE ACT
REPLY SOON
THANKS
DEEPAK
WHAT IS THE PROCESS OF ADDITIONAL OR CHANGE THE GODOWN ADDRESS IN EXCISE ACT
REPLY SOON
THANKS
DEEPAK
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