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Former Member
Nov 25, 2008 at 02:36 PM

cenvat clearing account

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Dear cin experts

Normal procrument process, the entries are follows like this

During GR

Material Stock Dr.

GR/IR clearing Cr.

During Excise Invoice Credit

Cenvat Account Dr.

Cenvat Clearing Cr.

During Invoice Verification

Cenvat Clearing Dr.

GR/IR Clearing Dr.

Vendor Payable Cr.

my question here Cenvat clearaing account will be zero right, actually this cenvat clearing accounts belongs balance sheet account, whether this account belongs to liabilities or assets

can u explain

raj