Pla
This query is : Resolved
Subhashchandra
(Querist)
25 December 2012
do we maintain PLA account in books of account or just a PLA register is sufficient?
please pass the journal entries for the following situation:
a)asset purchased, 50% credit available and balance is carried forward.
Thanks in advance
please pass the journal entries for the following situation:
a)asset purchased, 50% credit available and balance is carried forward.
Thanks in advance
Ajay Raghatate
(Expert)
27 December 2012
1. You have to maintain PLA account in financial Book, where you record transaction for excise duty paid & utilized
2. Asset A/c Dr
Cenvat on Capt Goods (50%) Dr
Cenvat on Hold (50%) Dr
To, Vendor
In second year you have to trf 50% cenvat from Hold account to Canvat on Capt Goods a/c.
Or
Book 100% in Cenvat on Capt Goods and avail 50% in Current year and at the end of the rear bal. 50% showing as current assets
2. Asset A/c Dr
Cenvat on Capt Goods (50%) Dr
Cenvat on Hold (50%) Dr
To, Vendor
In second year you have to trf 50% cenvat from Hold account to Canvat on Capt Goods a/c.
Or
Book 100% in Cenvat on Capt Goods and avail 50% in Current year and at the end of the rear bal. 50% showing as current assets
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