excise accounting entries

This query is : Resolved

SUJIT (Querist)
Follow

04 October 2009 In the context of a Manufacturing Company.....

what are the accounting entries to be passed at various stages i,e passing excise provision, availing input credit etc.... also What does the role of PLA in between various entries ?

a) Sale made involving Excise
b) Purchases made invloving Excise
c) Imports made, used as input item in the
manufacture and payment of Custom duty
against Import
d) Capital Item purchased involving
Excise/custom
e) Sales/Export Return against any sale
transaction

ADITYA

ADITYA (Expert)
Follow

18 October 2009 a) For sale Transaction to ABC
Basic Value Rs 100/= + ED @ 8.24% + VAT 12.5% = 100 + 8.24 + 13.53 =121.77 rounded off to Rs 122/=

Entry will be

Customer / ABC A/c DR 122/=

Sale A/c Cr 100/=
VAT Payable A/c cr 13.53
ED Payable A/c cr 8.24
Rounding off A/c cr 0.23

b) Purchases made invloving Excise

Pur A/c Dr 100/=
VAT Receivable A/c Dr 13.53
ED Receivable A/c Dr 8.24
Rounding off A/c Dr 0.23
Supplier / ABC A/c Cr 122/
c) Imports made, used as input item in the
manufacture and payment of Custom duty
against Import
similar as entry B
d) Capital Item purchased involving
Excise/custom
As per entry B
e) Sales/Export Return against any sale
transaction

Please check up the Excise Duty Credit is allowable in the transaction and accordingly pass the entry

Message likes : 2 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok