Accounting entry in procurement

~ For Domestic Procurement of Raw Material

During GR
Material Stock

Dr.

GR/IR clearing

Cr.

During Excise Invoice Credit

Cenvat Account

Dr.

Cenvat Clearing

Cr.

During Invoice Verification

Cenvat Clearing

Dr.

GR/IR Clearing

Dr.

Vendor Payable

Cr. For Domestic proceurement of Capital Goods

During GR
Material Stock

Dr.

GR/IR clearing

Cr.

During Excise Invoice Credit

Cenvat Account

Dr.

(50%)

Cenvat On-hold

Dr.

(50%)

Cenvat Clearing

Cr.

During Invoice Verification

Cenvat Clearing

Dr.

GR/IR Clearing

Dr.

Vendor Payable

Cr

Subsequent of Capital Goods

Cenvat Account

Dr.

Cenvat On-hold

(50%)
Cr.

During Customs Duty Clearing invoice

Custom Clearing

Dr.

Custom Payable

Cr.

During GR
Material Stock

Dr.

GR/IR clearing

Cr.

During Excise Invoice Credit

Cenvat Account
Custom Clearing
During Invoice Verification

Dr.
Cr.

(50%) For Import Procurement of Raw Material

GR/IR Clearing

Dr.

Vendor Payable
Cenvat Account

Cr. For Excise Duty Credit of Raw Material without PO

Dr.

Cenvat Clearing
Cenvat Clearing

Cr. For Excise Duty Reversal through Excise JV

Dr.

Cenvat Account

Cr.

Accounting entry when the goods are issued through MM and excise invoice is created (J1IS & J1IV)
During Excise Invoice Creation
Cenvat Suspense Account

Dr.

Cenvat payable

Cr.

For TR6C Challan

PLA Account

Dr.

PLA on hold Account

Cr.

During Fortnightly Utilization

Cenvat payable

Dr.

Cenvat Account

Cr.

PLA Account
Cr.
Note: Cenvat Suspense Account should be cleared apprpiately using FI JV's.
Accounting entry in subcontracting reversal / Recredit
For Subcontracting Challan Reversal
Cenvat Reversal
Dr.
Cenvat Account

Cr.

For Subcontracting Challan Recredit

Cenvat Account

Dr.

Cenvat Reversal

Cr.

Accounting entry in SD
For Factory Sale
During Billing Document
Customer Account

Dr.

Sales Account

Cr.

Cenvat Suspense Account

Cr.

During Excise Invoice Creation

Cenvat Suspense Account

Dr.

Cenvat payable

Cr.

For TR6C Challan

PLA Account

Dr.

PLA on hold Account

Cr.

During Fortnightly Utilization

Cenvat payable

Dr.

Cenvat Account

Cr.

PLA Account

Cr. For Stock Transfer through SD

No Accounting entries for Performa Billing Document

During Excise Invoice Creation
Cenvat Suspense Account
Cenvat payable

Dr.
Cr.

For TR6C Challan

PLA Account

Dr.

PLA on hold Account

Cr.

During Fortnightly Utilization

Cenvat payable
Cenvat Account

Dr.
Cr.

PLA Account
Cr.
Note: Cenvat Suspense Account should be cleared apprpiately using FI JV's.