Excise and cst related entry

Consider 3 parties A,B and C.

1)A - (Purchasing party)(is Not Excise registered)(From Mumbai)

2)B - (Consignee)(is Excise registered)

3)C - (Consigner/Seller)(From Goa)

What will be the accounting entries in the books of A,B and C ? Please provide explainations for the entries also. 

For example Purchases- Rs. 500,000 Excise - 10000 CST- 5000 

 

Replies (1)

you did not mention that seller is registered under excise or not and if there are different state then this is E1 transaction

in the books of C. if registered

B                         Dr              515000

to sale         500,000

to excise         10000

to cst                   5000

in the books of B

Purchase                        DR         505000

Excise Duty                      Dr             10000

to C                 515000

in the books of A

Purchase               Dr  515000

to B   515000

entered full amt since not registered.

 

 

                 

 

 

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