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Disclosure under revised schedule vi

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How to disclose Revenue from operation and Excise duty there on in statement of Profit & Loss as per Revised Schedule VI of Companies Act'1956?

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Deepak Gupta (CA Student) (15922 Points)
Replied 02 September 2013

Originally posted by : SUDHANSU
	How to disclose Revenue from operation and Excise duty there on in statement of Profit & Loss as per Revised Schedule VI of Companies Act'1956?

REVENUE FROM OPERATIONS: The details are as under –

Particulars	Current Year	Previous Year
Sale of Products	XXX	XXX
Sale of Services	XXX	XXX
Other Operating Revenues (specify nature, if applicable)	XXX	XXX
Sub–Total Less: Excise Duty	XXX (XX)	XXX (XX)
Net Amount = As per Statement of P&L	XXX	XXX

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AS–9 requires disclosure of Excise Duty (collected on Sales) on the face of the Statement of P&L, but Sch VI (R) requires such disclosure in Notes to Accounts.
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Since AS – 9 prevails over Sch VI (R), the Company may present the elements of Revenue from Sale of Products, Sale of Services and Other Operating Revenues, and also Excise Duty, on the face of the Statement of P&L, instead of disclosing the same in the Notes.