The Financial Statement

Various Postings To The GL Account Postings

During various postings, the GL account postings will be taken place as follows:
   
  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.       (50%)
                                      Cenvat On-hold                      Cr.  (50%)

  For Import Procurement of Raw Material                         
              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          Dr.       
                                      Custom Clearing                     Cr.
              During Invoice Verification
                                      GR/IR Clearing           Dr.
                                      Vendor Payable                      Cr.
   
  For Excise Duty Credit of Raw Material without PO
                          
                                      Cenvat Account          Dr.       
                                      Cenvat Clearing                     Cr.
   
  For Excise Duty Reversal through Excise JV
                          
                                      Cenvat Clearing         Dr.       
                                      Cenvat 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.

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