excise entry
This query is : Resolved
01 January 2010
Ques 1- ABC & Co sales to XYZ & Co 55 Nos of goods @ 1100/-,Excise @ 8%, Cess@2% & H.Ed Cess @1% ,Vat @ 4% & freightCharges Rs 3 per Nos.
what is the necessary journal entries in the books of ABC & Co & XYZ & Co?
what is the necessary journal entries in the books of ABC & Co & XYZ & Co?
15 January 2010
In the books of ABC & CO in case of credit sales
XYZ & CO A/C Dr.(68270)+ applicable Service tax on Freight.
cost of goods sold Cr 60500
Excise BED payable Cr.4840
Excise Edu cess payable cr.97
Excise Higher Edu cess payable cr.48
Sales Tax VAT payable Cr.2619
Freight payable cr. 165
+Service tax payable on freight cr.
Same reverse entry will be in the books of XYZ & CO.
XYZ & CO A/C Dr.(68270)+ applicable Service tax on Freight.
cost of goods sold Cr 60500
Excise BED payable Cr.4840
Excise Edu cess payable cr.97
Excise Higher Edu cess payable cr.48
Sales Tax VAT payable Cr.2619
Freight payable cr. 165
+Service tax payable on freight cr.
Same reverse entry will be in the books of XYZ & CO.
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Relief u/s Section 89
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
