Accounting treatment of excise duty in closing stock
This query is : Resolved
Bhushan Kiran Walve
(Querist)
08 June 2013
Dear All,
As on year end we make provision of excise payable & debited to closing stock, but in next year when we sale the stock that time what what treatment to be done for excise?
As on year end we make provision of excise payable & debited to closing stock, but in next year when we sale the stock that time what what treatment to be done for excise?
08 June 2013
Hello,
You can pass the following entry
Provision for Excise duty A/c Dr.
To Opening Stock
You can pass the following entry
Provision for Excise duty A/c Dr.
To Opening Stock
Suresh Mittal
(Expert)
09 June 2013
Reverse the entry made at the closing of the previous year.
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