Dear Members,
Purchase Cost Rs.20 Cr
Cenvat Receivable Rs.1.60 cr
Sales Rs.36 cr
Excise Duty Payable on Sales Rs.2.88 cr
FG Closing Stock Rs. 40 lacs
Excise Portion on FG Csing Rs. 3.20 lacs
Please guide me to pass enteries for excise duty on sales and on FG
Thanks and Regards
D. Sreekanth
purchase
purchase a/c debit ..............................20 crore
Cenvat credit a/c debit ........................1.6 crore
Bank / Sundry Creditors..credit ...................................21.6 crore
Sales
Bank / Sundry Debtors a/c debit .........................38.88 Crores
Sales A/c .....credit ..........................................................................36.0 Crores
Cenvat Credit A/c credit ........................(1.6 cr - 3.2 Lacs) .........1.568 crores
Excise duty (cash Paid) Credit ...........(2.88 cr-1.568 Cr)...........1.312 crores
now the closing stock will hold 3.2 Lacs Cenvat credit out of total purchase credit
CAclubindia
