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author's profile photo Former Member
Former Member

Cevat

hi,

1) what is cenvat suspense account during commercial invoice and excise invoice?

2) some say cenvat suspense account is balance sheet account and not p&l but some say during commerical invoice and excise invoice double entries, ED account where credit in commercial invoice and debit in excise invoice is p&l. hope can get clarification

3) may i know if all cenvat account be it cenvat clearing, cenvat account during purchase or cenvat account during sales, are all balance sheet account?

4) can have the steps during commercial invoice and excise invoice and fortnight utilization. this is to clear my doubt for point 2.

thank

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  • author's profile photo Former Member
    Former Member
    Posted on Aug 11, 2009 at 03:24 PM

    During Purchase

    J1IEX:

    RG23A BED A/C (BALANCE SHEET A/C)

    CENVAT CLEARING A/C (BALANCE SHEET A/C)

    MIRO(COMMERCIAL INVOICE):

    GR/IR CLG. A/C

    CENVAT CLG. A/C(BALANCE SHEET A/C)

    VENDOR A/C CR.

    During Sales:

    J1IIN:

    EXCISE DUTY(P&L A/C)

    CENVAT PAYABLE(BALANCE SHEET) A/C

    Billing/VF02:

    CUSTOMER A/C DR.

    ED COLLECTED ON SALE CR.(P&L A/C)

    SALES A/C CR.

    Hope this clarifies

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