'A' manufacture sold goods to 'B' First stage dealer as follows
Purchase 10000
Excise 500
Edu cess 10
S&H cess 5
Then 'B' First Stage dealer sold goods to 'C' a manufacturerfor Rs. 17000.
Can anyone please explain the journal entries to be passed in the books of C.
| Originally posted by : Santhu | ||
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'A' manufacture sold goods to 'B' First stage dealer as follows Purchase 10000 Excise 500 Edu cess 10 S&H cess 5 Then 'B' First Stage dealer sold goods to 'C' a manufacturerfor17000. Can anyone please explain the journal entries to be passed in the books of C. |
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Goods ..a/c Dr
Exice Tax a/c Dr
Edu Tax dr
S& H Dr
To B'Dealer a/c
In my view the accounting entry will be:
Purchases a/c Dr
To B' Dealer A/c
(Being goods purchasesed as per invoice no....dt: Qty & rate to be mentioned)
purchase a/c debit rs.16485/-
cenvat credit receivable A/c debit rs.500/-
edu cess receivable a/c debit rs.10
sh.edu cess receivable a/c debit rs.5/-
to party a/c ( ' B ' a/c ) credit rs. 17000/-
VAT leviablilty in case of sale should also be considered....
CAclubindia
