Export entries

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