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closing stock valuation

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 October 2010 For trader, if he pay excise duty on purchase and recover same excise duty on sale from customer then while valuing closing stock, excise duty on that stock be included or not?
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S. Banerjee

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S. Banerjee (Expert)
27 October 2010 For a Trader who has been registered as a DEALER under C. Ex can pass on the duty only can not charged the duty in his invoice.
Accordingly, a Trader debited to Purchase A/c (including C. Ex duty) not to debited C. Ex A/c. So at the time of valuation of inventroy question does not arise to cosider C. Ex duty separately.
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S. Banerjee
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