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FAQ-8 ( Excise for Dealers):

How To Account Purchases From Agent Of Dealer?

Solution

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

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

Example: On 4-5-2010 ABC Company purchased 1,000 Hot Rolled Coils @ 5,000 per Ton from Indus Mega Traders who is a commission agent of Globus Steel Industries. The above items were purchased from - Sterling Steel Industries (Manufacturer). The Assessable value to pay the Excise duty is Rs. 30,00,000

Step 1: Create a From Agent of Dealer Ledger

Go to Gateway of Tally > Accounts Info. > Ledger

In ledger creation screen enter the Name of the agent of dealer - Indus Mega Traders and Group it under Sundry Creditor. Ensure Maintain Balances Bill by Bill is set to Yesand enter the Default Credit Period if any. Enter the Mailing Details of the agent of dealer

Enable the option Set/Alter Excise Details to Yes to display the Excise Details screen.In Excise Details screen enter the details as shown below

Tally.Erp 9 : Excise for Dealers

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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

Setup:

·         Set the option Allow Separate Buyer and Consignee Names to Yes

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Note: It is must to enable the option Allow separate Buyer and Consignee Name is in F12: Purchase Invoice Configuration to specify the Excise Dealer name & address on behalf of whom the agent is making the sales.

In Excise - Purchase Voucher

1.         Select the Excise - Purchase as the Voucher Type from the list of types. Enter the Supplier Invoice No. as IMT/458/10-11

2.         By Default Tally.ERP 9 displays the Excise Unit as ABC Company as defined during voucher type creation.

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

4.         In Supplier’s Details sub-form will appear.

·         Enter the Dealer Name in Consignee field and enter other details like address, TIN/Sales Tax No., CST Number, Excise Registration Number, Range, Division andCommissionerate.

·         In Supplier field the name of the agent of the Dealer will be displayed along with address and other related information

·         In Manufacturer/Importer Details section, select the manufacturer from the goods were purchased by the Excise Dealer. For this purchase Inland 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 Dealer as defined in the party ledger. This field defines the Supplier’s role in selling the product.

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6.         In Purchase Ledger field select Purchases @ 5% from the list of Ledger Accounts. VAT/Tax Class will be defaulted to Purchases @ 5%

7.         In Name of Item field select Hot Rolled Coils form List of Excise Stock Items

8.         In Quantity field enter 1,000 and Rate as 5000Amount will be calculated and displayed and press Enter to view Excise Details screen

9.         In Excise Details screen

  • In 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. If required you can change.
  • In Supplier RG 23D Entry No. field enter the RG 23D number where the reference of the purchase of the goods is recorded.
  • Enter the Assessable Value (it is the amount on which the Excise Duty is calculated by the manufacturer) Rs. 30,00,000
  • Duty Amount will be calculated and displayed automatically.
  • Under Manufacturer/Importer Invoice Details
  • Invoice Number :By default the invoice number entered in the Party details screen for Manufacturer/ importer will be displayed
  • Invoice Date:By default the invoice date entered in the Party details screen for Manufacturer/ importer will be displayed
  • PLA/ RG 23 Entry No : Enter the PLA Number of the Manufacturer/ Importer. This number represents the  the display of transaction details of sales made to the supplier in the relevant page of PLA Register of manufacturer.
  • Billed Quantity: Enter the actual Billed Quantity sold to the First Stage Dealer
  • Assessable Value: Enter the actual Assessable Value of the stock item
  • Duty Details: Duty Details displays the Duty Amount calculated on the Assessable Value mentioned under Supplier Invoice Details.

 

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10.        Select Input VAT ledger - Input VAT @ 5% to account the VAT amount

The completed purchase voucher is displayed as shown

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11.        Press enter to accept

Note: The purchases From Agent of Dealer will be equivalent to purchase made from First Stage Dealer. The Credit Pass On chain will continue as the buyer will be considered as the Second Stage Dealer.

Step 3: Sale of Goods purchased - From Agent of Dealer

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

Record the Sales in Excise - Sales as shown

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 Manufacturer Depot and Quantity field enter the quantity sold. Here 500 T is sold.

Tally.Erp 9 : Excise for Dealers

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4.     select the out put VAT ledger - Output VAT @ 5% to account VAT on the sale

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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Note: In Supplier Name and Address box the Name and address of the Consignee (dealer) on be half of whom the goods were sold will be printed and not of the Agent of the Dealer.

 
 
 
 
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