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What are the accounting entries in consignment sales
(excisable material).what are the forms we use in when we
deal in excise material



What are the accounting entries in consignment sales (excisable material).what are the forms we us..

Answer / amit srivastava

For Outgoing Invoice (Billing) -

Customer's Receivables Account - Dr.
Revenue - Cr.
Discounts - Dr.
Freight - Cr.
Excise Duty Payable - Cr.
Tax Payable - Cr.

For Excise Invoice for Factory sales and STO -

Cenvat Suspense Acc. - Dr.
Cenvat Paid - Cr.

For STO - there are no accounting entry for Billing
(proforma Inv.)

For Depot sale while capturing excise th. J1iJ - there are
no accounting entry since the duty is passed on.

For Consignment -
Fillup - No billing, no excise
Issue - similiar to sales
return - opposite to sales
pickup - no billing, no excise

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