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Shivani

Learner

1167 Points Posted on 07 December 2013

On 02-04-13, Aqua Limited exported 20000 Litres of AquaSure – 1 LTR at Rs. 35 per litre to Innovative Infomatics based in Singapore paying duty to the Government. Invoice No. AL/009.

Please check the following entries in books of Aqua Limited

1. Innovative Infomatics debit 786520

To Sales Exports 700000

To Basic Excise Duty 12% 84000

To Education Cess 2% 1680

To Senior Education Cess 1% 840

2. Claiming Refund of Duty paid

Excise Refund 86520

To Basic Excise Duty (CENVAT) 84000

To Education Cess 2% (CENVAT) 1680

To Senior Education Cess 1% (CENVAT) 840

3. What will be the entry when we receive payment from Innovative Infomatics?

4. What will be the entry when we get excise refund?

Thanks

Shivani

Replies (2)

VIKASH KUMAR JAIN

Audit Executive

628 Points Posted on 08 December 2013

In my views, refund entry should be. Respective duty and cess a/c dr. To Party a/c. Further, Party dr. To bank cr. (Reimbursement of refund assuming party were paid whole amount before refund granted).

@sh jais

live the life otherwise life leaves u...

631 Points Posted on 08 December 2013

Export booked on,basis of commercial invoice issued to customer... Customer a/c dr. 786520 . To export sale 785620 excise duty receivable a/c dr. to bank at the time of payment reverse entry would be pass at the time of refund of duty...