Accounting entry in procurement

~ For Domestic Procurement of Raw Material During GR Material Stock GR/IR clearing During Excise Invoice Credit Cenvat Account Cenvat Clearing During Invoice Verification Cenvat Clearing GR/IR Clearing Vendor Payable Dr. Dr. Cr. Dr. Cr. Dr. Cr.

For Domestic proceurement of Capital Goods During GR Material Stock GR/IR clearing During Excise Invoice Credit Cenvat Account Cenvat On-hold Cenvat Clearing During Invoice Verification Cenvat Clearing GR/IR Clearing Dr. Dr. Dr. Dr. (50%) (50%) Cr. Dr. Cr.

Vendor Payable Subsequent of Capital Goods Cenvat Account Cenvat On-hold Dr.

Cr

(50%) Cr. (50%)

For Import Procurement of Raw Material

During Customs Duty Clearing invoice Custom Clearing Custom Payable During GR Material Stock GR/IR clearing During Excise Invoice Credit Cenvat Account Custom Clearing During Invoice Verification GR/IR Clearing Vendor Payable Dr. Cr. Dr. Dr. Cr. Dr. Cr.

For Excise Duty Credit of Raw Material without PO

Cenvat Account Cenvat Clearing

Dr. Cr.

For Excise Duty Reversal through Excise JV

Cenvat Clearing

Dr.

Cenvat Account

Cr.

Accounting entry when the goods are issued through MM and Excise invoice is Credited(J1IS &J1IV) During Excise Invoice Creation Cenvat Suspense Account Cenvat payable For TR6C Challan PLA Account PLA on hold Account Dr. Cr. Dr. Cr.

During Fortnightly Utilization Cenvat payable Cenvat Account Dr. Cr.

PLA Account Cr. Note: Cenvat Suspense Account should be cleared apprpiately using FI JVs. Accounting Entry in subcontracting reversal/Recredit For Subcontracting Challan Reversal Cenvat Reversal Dr. Cenvat Account Cr.

For Subcontracting Challan Recredit Cenvat Account Cenvat Reversal Accounting Entry in SD For Factory Sale During Billing Document Customer Account Sales Account Dr. Cr. Dr. Cr.

Cenvat Suspense Account During Excise Invoice Creation Cenvat Suspense Account Cenvat payable For TR6C Challan PLA Account PLA on hold Account Dr. Cr. Dr.

Cr.

Cr.

During Fortnightly Utilization Cenvat payable Cenvat Account PLA Account Dr. Cr. Cr.

For Stock Transfer through SD No Accounting entries for Performa Billing Document During Excise Invoice Creation Cenvat Suspense Account Cenvat payable For TR6C Challan PLA Account PLA on hold Account Dr. Cr. Dr. Cr.

During Fortnightly Utilization Cenvat payable Cenvat Account Dr. Cr.

PLA Account Cr. Note: Cenvat Suspense Account should be cleared appropriately using FI JVs.