Journal Entry of Excise
This query is : Resolved
24 August 2009
Please any one guide me about Journal Entry of Excise and CENVAT with example and value
24 August 2009
Please be specific...
24 August 2009
Means do you ned on pur or sale ??
Vishnu Saboo
(Expert)
26 August 2009
If it is on sales, Excise duty Payable shall be credited and Debtor account shall be debited.
simillary in case of purchases cenvat account shall be debit and supplier account shall be credited.
at the end of month you have to see whether there is any payable of sufficient cenvat credit.
Purchase entry
Cenvat account dr 100
To Supplier 100
Sale entry
Debtor a/c Dr 135
To Excise duty payable 135
Now you see 35/- is excess in payable acount so you have to diposit the same and Excise duty payable must Nil balance at the end of month.
Excise duty discharge entry
Excise duty Pyable Dr 135
To Cenvat account 100
To PLA acount 35
hope it is clear to you.
simillary in case of purchases cenvat account shall be debit and supplier account shall be credited.
at the end of month you have to see whether there is any payable of sufficient cenvat credit.
Purchase entry
Cenvat account dr 100
To Supplier 100
Sale entry
Debtor a/c Dr 135
To Excise duty payable 135
Now you see 35/- is excess in payable acount so you have to diposit the same and Excise duty payable must Nil balance at the end of month.
Excise duty discharge entry
Excise duty Pyable Dr 135
To Cenvat account 100
To PLA acount 35
hope it is clear to you.
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