LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

Excise duty

Rajat Nagpal (Auditor) (28 Points)

04 September 2015

Hello. I want to know the treatment of ED at the time of BS i.e. ED to be added in FG or not, Prov for ED on FG and also treatment of ED on stock transfer from branch to HO. Please note no separate books of accounts are maintained. Thank you.

Reply
Follow
Share

1 Replies

Anup A Deshpande (Freelancer) (77 Points)
Replied 04 September 2015

As per AS 2 and Guidance note of ICAI, having regard to available facts, ED is to be provided on FG. Reason being, ED is tax on manufacturing though is payment is defered till clearing. It means that ED liability has arisen on stock manufactured and kept in factory as on closing date.