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Provision for excise

Mohammed shafi k (Article assistant) (43 Points)

11 March 2014

what are the entry to be passed when revising the excise provision..?

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4 Replies

Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 11 March 2014

Dear shaif you want to increase provision or decrease?

Mohammed shafi k (Article assistant) (43 Points)
Replied 11 March 2014

Opening balance sheet show credit balance of ED provision and closing finished goods value also include the same..I want to revise the entry ...

Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 11 March 2014

Dear Shafi your question is still not clear to me So I advice you to send me a pm describing the whole case with amounts. Please also mention previous yr provision amount and treatment of the same as you are saying opening balance is shown in closing. But the same should be adjusted in the current year.

Mohammed shafi k (Article assistant) (43 Points)
Replied 11 March 2014

Previous year entry passed Ed account. Dr. (P&l). 67000 To. Provision for Ed. (Current liability) 67000 Finished goods Dr. 67000 To. Trading ac. 67000