Closing Balance of Excise Duty ( Excise Duty on Stock)
This query is : Resolved
Amit Sharma
(Querist)
10 February 2009
Is the excise paid during the year is shown as expense in p&l a/c. for eg.
Excise output= 30000
input= 40000
Closing Balance = 10000
what is the account tretment of above?
Excise output= 30000
input= 40000
Closing Balance = 10000
what is the account tretment of above?
CA MOHIT VAATS
(Expert)
10 February 2009
Excise duty of Rs.30000 is your liability which is setoff with ITC of Rs.40000. The entry will route as follow:-
Debtor Dr
Sales Cr
Excise Duty Payable Cr
Sales Tax Cr
Now Excise duty Payable will Setoff with Your ITC
Excise Duty Payable Dr
Advance Excise Duty/Modvat Cr
The closing Balance is your Current Assets which reflect in Assets side of B/S...
Debtor Dr
Sales Cr
Excise Duty Payable Cr
Sales Tax Cr
Now Excise duty Payable will Setoff with Your ITC
Excise Duty Payable Dr
Advance Excise Duty/Modvat Cr
The closing Balance is your Current Assets which reflect in Assets side of B/S...
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