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Journal entry
E Pvt. Ltd. sales Goods (here hydraulic machine) to R Pvt. Ltd. in the year 2012 for Rs. 670280/- (Basic: 581940, excise:71927.79, CST:13077.36) against Retail invoice. Now in 2017, E Pvt. Ltd. purchases same goods from R Pvt. Ltd. for Rs.255000/- (Basic:250000, CST:5000). Please guide me regarding its Journal Entry in books of E Pvt. Ltd.
Replies (2)
Hi,
Confirm my understanding..
1. Both the entities deal with purchase and sale of Hydraulic machines
2. Central Excise provisions are applicable for both.
1)E Pvt Ltd deals in hydraulic machines. For R Pvt Ltd it is a Capital goods.
2)Yes both R reg under excise.
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