Excise

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deepak sethi

deepak sethi (Querist)
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03 January 2011 What is the Accounting Treatment of Modvat

Ram Avtar Singh

Ram Avtar Singh (Expert)
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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

deepak sethi

deepak sethi (Querist)
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03 January 2011 how to credit cenvat?

Ram Avtar Singh

Ram Avtar Singh (Expert)
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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)

deepak sethi

deepak sethi (Querist)
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31 January 2011 DEAR SIR

WHAT IS THE PROCESS OF ADDITIONAL OR CHANGE THE GODOWN ADDRESS IN EXCISE ACT
REPLY SOON
THANKS
DEEPAK

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