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
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
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- 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
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
