journal enty-PLA ??
This query is : Resolved
CA Abhishek Singh
(Querist)
16 July 2011
hello everyone,
i have doubt regarding passing of journal entry in case of excise duty.
what i understood from my friend is as under.
on 01/04/2011 the co. has paid Rs.100000/- as PLA.
PLA dr-100000
to bank-100000
suppose: excise payble for the month comes to Rs.200000 & cenvat credit available is Rs.50000
excise payble dr-200000
to PLA-100000
to bank-50000
to cenvat receivable-50000
are above entry correct.
waiting urgenlty for your reply.
abhipcc@rediffmail.com
i have doubt regarding passing of journal entry in case of excise duty.
what i understood from my friend is as under.
on 01/04/2011 the co. has paid Rs.100000/- as PLA.
PLA dr-100000
to bank-100000
suppose: excise payble for the month comes to Rs.200000 & cenvat credit available is Rs.50000
excise payble dr-200000
to PLA-100000
to bank-50000
to cenvat receivable-50000
are above entry correct.
waiting urgenlty for your reply.
abhipcc@rediffmail.com
U S Sharma
(Expert)
16 July 2011
yes very much correct
to avoid complication, make PLA, alloacted in asset under "advances"
it will not generate prob in furure
to avoid complication, make PLA, alloacted in asset under "advances"
it will not generate prob in furure
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