3.

GOODS RECEIPT FOR CAPITAL GOODS

A)GOODS RECEIPT ENTRY
INVENTORY STORES LOCAL DR 200
TO GR/IR CLEARING STORES LCL 200
B)EXCISE ENTRY
RG23C BED DR 10
CENVAT ON HOLD DR 10
TO CENVAT CLEARING A/C 20
4.INVOICE VERIFICATION FOR CAPITAL GOODS
GR/IR CLEARING STORES LCL DR 200
CENVAT CLEARING A/C DR 20
VAT RECEIVABLE DR 8.8
TO PARTY 228.8
SALES SCENARIO:
BASIC PRICE 1000.00
EXCISE RATE (1 140.00
1140.00
VAT (14.5%) 165.30
1305.30
5)SALES BILLING
CUSTOMER A/C DR 1305.3
TO SALES 1000
TO CENVAT SUSPENSE A/C 140
TO VAT PAYABLE 165.3
6)EXCISE INVOICE CREATION
CENVAT SUSPENSE A/C DR 140
TO EXCISE DUTY PAYABLE 140
7.EXCISE BALANCES:
RG23A RG23C PLA
PURCHASES 8 10
PAYABLE ON SA 140
TO PAY 5 6 129
8)PLA DEPOSIT
PLA A/C DR 150
TO BANK 150
9)EXCISE UTILIZATION
EXCISE DUTY PAYABLE DR 140
TO RG23A BED 5
TO RG23C BED 6
TO PLA 129
10)SALES TAX PAYMENT TO DEPT
VAT PAYABLE 165.3
VAT RECEIVABLE 13.12
VAT PAYABLE A/C DR 165.30
TO VAT RECEIVABLE 13.12
TO BANK 152.18
11)FINAL BALANCES IN EXCISE REGISTERS
RG23A RG23C PLA
PURCHASE/DEPOSIT 8 10 150
UTILIZED AT THE TIME OF SALE 5 6 129
CLOSING BALANCE 3 4 21
SAP:
TAX PROCEDURTAXINJ: FORMULA BASED
TAXINN: CONDITION BASED
3.GOODS RECEIPT FOR CAPITAL GOODS
A)GOODS RECEIPT ENTRY
INVENTORY STORES LOCAL DR 200
TO GR/IR CLEARING STORES LCL 200
B)EXCISE ENTRY
RG23C BED DR 10
CENVAT ON HOLD DR 10
TO CENVAT CLEARING A/C 20
4.INVOICE VERIFICATION FOR CAPITAL GOODS
GR/IR CLEARING STORES LCL DR 200
CENVAT CLEARING A/C DR 20
VAT RECEIVABLE DR 8.8
TO PARTY 228.8
SALES SCENARIO:
BASIC PRICE 1000
EXCISE RATE 14% 140
1140
VAT 12.50% 142.5
1282.5
5)SALES BILLING
CUSTOMER A/C DR 1282.5
TO SALES 1000
TO CENVAT SUSPENSE A/C 140
TO VAT PAYABLE 142.5
6)EXCISE INVOICE CREATION
CENVAT SUSPENSE A/C DR 140
TO EXCISE DUTY PAYABLE 140
7.EXCISE BALANCES:
RG23A RG23C PLA
PURCHASES 8 10
PAYABLE ON SALES 140
TO PAY 5 6 129
8)PLA DEPOSIT
PLA A/C DR 150
TO BANK 150
9)EXCISE UTILIZATION
EXCISE DUTY PAYABLE DR 140
TO RG23A BED 5
TO RG23C BED 6
TO PLA 129
10)SALES TAX PAYMENT TO DEPT
VAT PAYABLE 142.5
VAT RECEIVABLE 13.12
VAT PAYABLE A/C DR 142.5
TO VAT RECEIVABLE 13.12
TO BANK 129.38
11)FINAL BALANCES IN EXCISE REGISTERS
RG23A RG23C PLA
PURCHASE/DEPOSIT 8 10 150
UTILIZED AT THE TIME OF SALE 5 6 129
CLOSING BALANCE 3 4 21
SAP:
TAX PROCEDURES TAXINJ: FORMULA BASED
TAXINN: CONDITION BASED