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.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
