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Accounting Entries

Dear All,

Please help me to know the accounting entries (debit & credit ) in the billing document.

The document has following heads as follows :

1) Basic Price

2) BED - 14 %

3) Edu. Cess - 2 %

4) H. Edu.Cess - 1 %

5) Vat - 4 %

6) Add. Vat - 1 %

Also let me know , how these entries should look like in an Excise invoice.

Best Regards,

Pankaj Kalbande

replied

Hi Pankaj,

After releasing the Billing document to FI (Accouting Document),the following accounts credited.

1) Basic Price - Sales account Credited

2) BED - 14 % - Excise Duty Payable Credited

3) Edu. Cess - 2 % - Edu.Cess Payable Credited

4) H. Edu.Cess - 1 % - H.Edu.Cess Payable Credited

5) Vat - 4 % - VAT Payable credited

6) Add. Vat - 1 % - Add.Vat Credited.

After creation of excise invoice BED,ED Cess & H.Ed.Cess accounts gets credited & Cenvat Suspense account debited & After Utilisation BED,ED Cess & H.Ed.Cess account gets debited.

Thanks & Regards,

Hemant Patil

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