ACCOUNTING DOCUMENT

[Former Member]

HI ALL,

can anybody tell me what are the accounting entries generated at the time of billing and excise invoice creation

in depot sales ,Consignment sales and stock transport order of excisable material.

[Former Member · Accepted solution]

For Outgoing Invoice (Billing) -

Customer's Receivables Account - Dr.

Revenue - Cr.

Discounts - Dr.

Freight - Cr.

Excise Duty Payable - Cr.

Tax Payable - Cr.

For Excise Invoice for Factory sales and STO -

Cenvat Suspense Acc. - Dr.

Cenvat Paid - Cr.

For STO - there are no accounting entry for Billing (proforma Inv.)

For Depot sale while capturing excise th. J1iJ - there are no accounting entry since the duty is passed on.

For Consignment -

Fillup - No billing, no excise

Issue - similiar to sales

return - opposite to sales

pickup - no billing, no excise

[Former Member]

thanks for immediate reply.

but in consignment sales there is need to create excise invoice as

material is moving out of plant. so what is the accounting entries in cons sales.can anybody help me.

[Former Member]

I think you did not understand my earlier reply properly.

As mentioned - Consignment Issue is similiar to normal Sales - so there would be Commercial and excise invoices with same entries as in standard sales scenario.

Thanks

[Lakshmipathi]

but in consignment sales there is need to create excise invoice

Only in consignment fillup, you create an excise invoice where there will not be any accounting entry since you are moving the stock from one place to another place as a special stock.

thanks

G. Lakshmipathi