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Accounting problem

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RAVI RANJAN KUMAR

ACCOUNTANT

23 Points Posted on 15 November 2016

I have a E Rickshaw manufacturing company. That is two premises like showroom and Factory. We are stock transfer from factory to showroom and issue Excise invoice. Only Excise duty pay from factory to showroom. And final sales from showroom to party and issue non excise invoice. But we issue tax invoice from showroom. For example 1) Factory condition. We issued Excise invoice like Value Rs.1000 Excise duty Rs. 60 total Amt Rs. 1060. 2) Showroom condition. We issued tax invoice like Value including Excise Rs. 1060 and Vat Amt Rs. 53 total Amt Rs. 1113. Payment received by third party. How to explain entry in our books. Kindly tell me all journal entries details.

Replies (1)

RAVI RANJAN KUMAR

ACCOUNTANT

23 Points Posted on 15 November 2016

Originally posted by : RAVI RANJAN KUMAR

I have a E Rickshaw manufacturing company. That is two premises like showroom and Factory. We are stock transfer from factory to showroom and issue Excise invoice. Only Excise duty pay from factory to showroom. And final sales from showroom to party and issue non excise invoice. But we issue tax invoice from showroom. For example
1) Factory condition. We issued Excise invoice like Value Rs.1000 Excise duty Rs. 60 total Amt Rs. 1060.
2) Showroom condition. We issued tax invoice like Value including Excise Rs. 1060 and Vat Amt Rs. 53 total Amt Rs. 1113. Payment received by third party. How to explain entry in our books. Kindly tell me all journal entries details.