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author's profile photo Former Member
Former Member

J1IH

hi all

how to clear the cenvat clearing account entry which comes after psoting JV thru J1IH

case: procure excisabel raw material excise duty -->10 pc @10rs/pc

at GR accoutning entry

100 rs BED debit

100 rs Cenvat clearing credit

At invoice

100 rs debit cenvat clearing and vendor credit for 100 rs

but I have consumed 1 pc of the material X for my own purpose

now I reverse the BED via J1IH and the account comes as

BED credit for 10rs

Cenvat clearing debit 10rs

Questiion how to knock off thsi 10 rs entry from cenvat clearing account

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2 Answers

  • author's profile photo Former Member
    Former Member
    Posted on Oct 11, 2010 at 12:45 PM

    As mentioned earlier

    I am not returning the goods to vendor rahter I am consuming part of the material I have purchased from Vendor.

    and as I am not going to sell part of the quantity so I can not avail the excise duty i.e. modvat

    so I need to make a reverse entry in the BED book and for that that I am using J1Ih

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    • Former Member

      As u are using the material for your own purpose , and so u r reversing the BED amount by J1IH transaction

      I this case the entry should not go to clearring account it shoud go to some expence account.

      and u can get this expance account by use of subtransaction say RR

      For OTHR RR u will have to give expence account insted of cenvate clearing account. in excise account determination.

      and at the time of J1Ih u will have to give subtransaction type as RR so as to get expance account instade of cenvate clearing account.

      Hope things are clear now

  • author's profile photo Former Member
    Former Member
    Posted on Oct 11, 2010 at 12:28 PM

    This message was moderated.

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