Accounting effect of Prov. of Excise duty on Finished goods
This query is : Resolved
03 February 2009
It is stated that as per ICAI guidance notes, Exise duty provision is made on Finished goods having no effect on the profit & loss account, Is it true? what entries to be passed while making the provision of excise duty on FG. Please reply.
03 February 2009
provision is to be made on finished goods lying in stock .
excise duty dr
to provision for excise duty.
excise duty dr
to provision for excise duty.
04 February 2009
1. Excise Duty will be debited as expense
2. credited as liability.
3. And also added to the FG value.
There will be not effect on Profit & loss account by the above entry, only this will provide the presentation of that and show the liability of excise duty on company,
As per AS-2 This is the requirement to make the provision of Excise duty on FG.
2. credited as liability.
3. And also added to the FG value.
There will be not effect on Profit & loss account by the above entry, only this will provide the presentation of that and show the liability of excise duty on company,
As per AS-2 This is the requirement to make the provision of Excise duty on FG.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Experts need help
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
