excise entry
This query is : Resolved
Rajeev Kumar
(Querist)
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?
BASUDEV PAUL
(Expert)
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
- Employee secondment
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Ito add credit side of bank
- GSTR9 Annual Return
- Rent agreement of House of deceased person
- ARCA LOGIN
- Form 144 TDS Return Validation error
- TDS Return Statement Status
- Upload Level ValidationITR3Category of Defect B/D
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- MSME Payment Sec.43B (h)
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
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
