Answer of this question

OUTPUT ED (Bottles) Dr 75000
OUTPUT ED (Scrap) Dr 10000
              To Input Excise(Cenvat on Inputs) Dr 16000
              To Input Service Tax (Cenvat on Input Services) Dr 8750
              To Input Excise on Machines 1/2(Cenvat on Capital Goods Current Year) 2800
              To ED Payable 57450

Suppose Company had a Balance of 20000 in PLA Account
It Deposited 40000 more
Pass Entries

PLA DR 40000
        To Bank 40000

(PLA IS A CURRENT ASSET IN TALLY HAVING OPENING BALANCE OF 20000)


ED PAYABLE Dr 57450
To PLA 57450

What is the Balance left after adjusting Excise Duty Payable

(Balance left in PLA=20000+40000-57450=2550)

Learn more

http://www.teachoo.com/5130/1328/Journal-Entries-for-Different-Expense-and-Income-Bills-for-Factories-registered-in-Excise/category/Excise-Accounting/

Written on Sept. 28, 2016, 9:35 p.m.