Procurement of Capital Goods-Accounting entries error

[rahul_mirashi2]

Hi All

I processing procurement of Capital Goods scenario.

Qty - 1; Base Amount: 100; BED: 16%; AED: 8%; SED: 4%

When I posted Goods Receipt, I beleive the accounting entries are expected to be as follows:

Dr BED 16

Dr AED 8

Dr SED 4

Cr CENVAT Clg 14-

Cr CENVAT On Hold 14-

But the Part II entries are like as following after posting the GR:

Dr BED 8+

Dr AED 4+

Dr SED 2+

Cr CENVAT Clg 24-

Dr CENVAT On Hold 10 +

Could you please help in this regard

Best Regards

Rahul

[Former Member · Accepted solution]

for capital goods u can't claim the whole excise that u have paid, it will be only 50% u can claim for the first year..