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FAQ-7 ( Excise for Dealers):

How To Account Purchases From Agent Of Manufacturer?

Solution

From Agent of Manufacturer is a supplier who acts as a commission agent of the manufacturer. On sales made this suppliers issues only a commercial invoice and Rule 11 invoice is issued by the manufacturer

Tally.ERP 9 allows recording the excise purchases made from a commission agent of manufacturer and pass on the CENVAT Credit on Sale of Goods.

Example: On 18-4-2010 ABC Company purchased 10,000 Hot Rolled Coils  @ 350 per Kg from Indus Trader who is a commission agent of Sterling Steel Industries (Manufacturer's Assessable value to pay the Excise duty is Rs. 28,00,000)

Step 1: Create a From Agent of Manufacturer Ledger

Go to Gateway of Tally > Accounts Info. > Ledger

1.         Enter the Name of the Supplier in the Name field e.g. Indus Traders. Group it under Sundry Creditors 

2.         Enable Set/Alter Excise Details to Yes to display the Excise Details screen.

3.         In Excise Details screen enter the details as shown below

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4. Press Enter to accept and save

Note: Commission Agent may be registered excise dealer or not. In this case Indus Traders is not a Excise Registered Dealer so the excise registration details are not provided.

Step 2: Record the Transaction in Excise Purchase Voucher

Go to Gateway of Tally > Accounting Vouchers > F9: Purchase

1.         Select the Excise - Purchase as the Voucher Type from the list of types. Select Alt + I: Item Invoice if it is in Acct Invoice mode

2.         Enter the Supplier Invoice No. as IT/7585 and Date as 18-4-2010

3.         Select the Party’s A/c Name from the list of Ledger Accounts e.g. Indus Traders

4.         The Supplier’s Details sub-form will appear. Supplier’s Details will include the supplier contact details, Sales Tax number and the Excise registration details. The details will appear automatically if they are provided during the Supplier Ledger Creation. If the supplier of the goods is not the manufacturer, specify the details of the manufacturer of the goods in the Manufacturer / Importer details section.

For this purchase Indus traders are not the manufacturer. Manufacturer is Sterling Steel Industries. Specify the details of the manufacturer

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5.         By default the Nature of Purchase will be displayed as From Agent of Manufacturer as defined in the party ledger. This field defines the Supplier’s role in selling the product.

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6.         Select Purchase Ledger, VAT/Tax Class will be defaulted

7.         In Name of Item field select Hot Rolled Coils form List of Excise Stock Items. Enter Quantity as 10,000 and Rate as 350. Amount will be calculated and displayed.

8.         In Excise Details screen

  • Enter RG 23D Entry No field enter the RG 23D entry number of this purchase in your books. Supplier Invoice Number will be captured form the Supplier Invoice No. field if entered. Other wise enter the supplier Invoice number
  • By default the voucher date is displayed as the Supplier Invoice Date
  • In PLA/ RG 23D Entry no. field enter the PLA number where the reference of duty paid
    on the goods sold are entered.
  • Enter the Assessable Value (it is the amount on which the Excise Duty is calculated by the manufacturer) on which the Excise Duty is calculated. Enter Rs. 28,00,000
  • Duty Amount will be calculated and displayed automatically.

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The completed purchase voucher is displayed as shown

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9.         Press enter to accept


Step 3:Sale of Goods purchased from - Form Agent of Manufacturer

On selling the goods purchased form From Agent of Manufacturer in Rule 11 invoice the print title will be First Stage Dealer

1.         In Excise - Sales Invoice select the party as Decora Equipments

2.         Select the sales ledger

3.         In Name of Item field select Hot Rolled Coils and in Supplier Details screen select the purchase bill of purchases made From Agent of manufacturer and Quantity field enter the quantity sold. Here 5000 Kg is sold.

 

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Completed Sales Voucher appears as shown

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On accepting the voucher the Rule 11 invoice generated appears as shown

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