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Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2009 what is the accounting entry for credit note issued by supplier ?
What is the Accounting Entry for TDS on services taken?
What is the Accounting Entry for excise Duty payable either by PLA or through CENVAT A/c?
What is the Accounting Entry for foreign exchange fluctuations for gains or losses?
What is the accounting entry for stock (raw material/semi finished goods/finished goods) transfer to another branch within the state and out of state and what is the tax treatment on it?

chetan soni

chetan soni (Expert)
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24 November 2009 1. Entry for Credit note issued by supplier :
This will be passed as dr. note in our books, so
Sundry creditors A/c Dr.
To Purchase/expenses a/c

2.Accounting Entry for TDS on services taken:

Sundry creditors A/c Dr.
To TDS payable

3. Accounting Entry for excise Duty payable either by PLA or through CENVAT A/c
Excise Duty collected A/c Dr.
To excise duty Payable A/c

4. Accounting Entry for foreign exchange fluctuations for gains or losses
For Loss :
Exchange Rate difference A/c Dr.
To Sundry debtors/creditors A/c

For Gains :
Opposite to loss entry.

5. accounting entry for stock transfer to another branch
Branch Account A/c Dr.
To Stock Tranasfer account A/c

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2009 Thank you sir

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