Accounting Entries

[Former Member]

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

[Former Member · Accepted solution]

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

[Former Member · Accepted solution]

Dear Hemant,

Excellent, you have made picture very clear to me.

Thnx a lot yaar.

Pankaj