Hello
I want to know how to do the accounting of excisable invoices?
if we are purchasing raw materials where VAT & excise both have chrged. should i show them seperately like purchase-debit,VAT input-debit,excise-debit & creditor a/c credit.
we purchase those inputs for producing finished goods which we sell as well export some of those.
how to do the accounting of these transactions pls guide.
Purchase- 10000/- value. 1000 excise 500 Sales Tax.
Sales 20000 Value 2000 Excise 1000 Sales Tax.
1. Purchase to be debited by 10500.
2. CENVAT Receivable to be debited by 1000.
3. Sales to be credited by 21000.
4. Excise duty payable to be credited by 2000.
5. While making payment of excise duty. CENVAT receivable to be credited by 1000 (Cenvat Utilisation) Bank account to be credited by 1000 (Cash payment to Govt.) and Excise duty payable to be debited by 2000.
thanks for the reply.
but still having doubt-i cant show all the a/cs in an entry like purchase 10000/-dr.,VAT input 500/-dr,Cenvat rec.-1000/-dr.creditor a/c-11500/-??
& CENVAT receivable under current assets??
plz explain
As per you said you are using the tally software for accounts. i dont thing so, it is not possible to record the entry.
In purchase vourcher, select the supplier name in party a/c name column
and each item of product and its name in the item side,
after the all the items show the, if the cursor last row of amount column, please press the enter twice, now you will reach ledger name taken area. please select the CENVAT Receivable account and so its percentage or amount. and next row show the CST Receivable account and put the amount. (please set these ledger as inventory affect, by this we can get this amount are affect the cost.) and save the voucher.
You can set the cenvat ledger under as direct expense or current asset...if we show it as a direct expeses we need to trasfer that to asset account
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