Accounting treatment of excise + depb with entries for eou

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ashok (Querist)
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09 August 2011 Hi,
Can anyone send the complete accounting treatment of excise + DEPB Licence sale from the basic entries to effects in P&L a\c and balance sheet. & Modvat Balance to be trasnfered to Balance Sheet.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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10 August 2011 If DEPB is sold it is to be shown as income under the head other income. Excise duty to be shown in cost of the goods. The calculation is to be done as per Sec. 145 of IT Act.

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