fixasset
This query is : Resolved
21 June 2010
Dear Sir,
A prop firm has purchased Mould Machine:
Mould Machine : 2090000.00
Excise : 209000.00
Ed Cess : 5000.00
CST 2% against C Form 49000.00
Total Payable : 2353000.00
What entry should I Pass for Booking Fix Asset. The Firm is Manuf. he pays Vat,Cst,Servicetax.
Can he get benefit of Excise Duty & CST Duty or all the Amount should be capitalized.He Had paid 27000.00 Transportation & 11000.00 Installation Charges.Please give me the perfect Idea & entry and logic to be used.
Thanks & Regards
A prop firm has purchased Mould Machine:
Mould Machine : 2090000.00
Excise : 209000.00
Ed Cess : 5000.00
CST 2% against C Form 49000.00
Total Payable : 2353000.00
What entry should I Pass for Booking Fix Asset. The Firm is Manuf. he pays Vat,Cst,Servicetax.
Can he get benefit of Excise Duty & CST Duty or all the Amount should be capitalized.He Had paid 27000.00 Transportation & 11000.00 Installation Charges.Please give me the perfect Idea & entry and logic to be used.
Thanks & Regards
nilesh kshirsagar
(Expert)
21 June 2010
As Firm is not Registered in Excise
You have to capitalised MV+excise+Cess+Trasportaton Charges+ installation charges
cst goes to Separate Ladger
and credit to Party
Machine A/c ---Dr ( Mv+excise+cess+transport
+installation
Cst A/c ------Dr
To Party A/c
You have to capitalised MV+excise+Cess+Trasportaton Charges+ installation charges
cst goes to Separate Ladger
and credit to Party
Machine A/c ---Dr ( Mv+excise+cess+transport
+installation
Cst A/c ------Dr
To Party A/c
21 June 2010
Machine A/c dr ( Include CST and Installantion cost )
Excise Recoverable( Including Cess)-50% dr
Excise Deferred ( Includeing Cess )-50% dr
To Party
Excise Recoverable( Including Cess)-50% dr
Excise Deferred ( Includeing Cess )-50% dr
To Party
nilesh kshirsagar
(Expert)
21 June 2010
mr Rahul If party is not registered in excise then how they will dr to excise ??????
22 June 2010
Mr Nilesh can u please tell me where in the given facts, it is written that the firm is not registered in Excise.
nilesh kshirsagar
(Expert)
23 June 2010
My Friend Rahul
Servesh in his query saying that the firm is mfg.
paying only vat .cst and service tax hence it is very clear that it is not in Excise
Servesh in his query saying that the firm is mfg.
paying only vat .cst and service tax hence it is very clear that it is not in Excise
23 June 2010
Any good reason you have Mr. Nilesh for not paying the excise duty.
It may be possible that he had not stated full facts.
It may be possible that he had not stated full facts.
nilesh kshirsagar
(Expert)
24 June 2010
after all we have to take into consideration what exactly written in query and share our knowledge
Nilesh K-Sagar
K-Sagar Management Consultant
Nilesh K-Sagar
K-Sagar Management Consultant
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