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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
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Answer Posted / 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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