Purchase entry in tally

what is the purchase entry of liquor and wine purchase with excise and tcs
Replies (7)
Quick Summary
This discussion clarifies how to accurately record purchase entries for liquor and wine in Tally, specifically addressing the accounting treatment for excise duty and Tax Collected at Source (TCS). It explains the correct voucher types and ledger groupings for these transactions, ensuring compliance and accurate financial reporting.

Purchases a/c

excise & tcs a/c

To Creditor a/c

that shuld be entered in purchases voucher

creditor a/c

To excise & tcs a/c

To Bank a/c

this will be in payments voucher when payment is met

Agree with yasaswi
What is the group of tcs and excise and tcs in tally

TCS Collected From Seller is Under Head of Current Asset or Capital Account.

 

If you have Purchase wine Bottle for Re-sale to Consumer 

Purchase Ac - Dr 

          Creditor Acc - Cr.

Becoz we will not get input credit of Excise Duty.

For further clarity please go through this link: https://help.tallysolutions.com/article/Tally.ERP9/Tax_India/excise-dealer/ed-purchase.htm

What is mrp rounding off accounting treatment and excise turnover tax treatment in tally of wine shops

 

 

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