Closing Balance of Excise Duty ( Excise Duty on Stock)
This query is : Resolved
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?
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...
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
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- Journal entry of busniess expenses
- FCRA 6 E- Intimation
- GST Rate for Catering Services
- 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
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
