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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)

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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