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Accounting treatment of excise duty in closing stock

This query is : Resolved 
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(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?
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Prashanth

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Prashanth (Expert)
08 June 2013 Hello,

You can pass the following entry

Provision for Excise duty A/c Dr.
To Opening Stock
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Suresh Mittal

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Suresh Mittal (Expert)
09 June 2013 Reverse the entry made at the closing of the previous year.
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