Excise amt.incuded in purchase or not.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2012
we have mfg business,but we are not liable for excise bt raw material which we purchase that suppliers r liable for excise thats y they raise the invoices with excise bt we not take such amt in purchase we treat it under exps.(e.g.we prepare a ledger excise duty 10%-under exps. in tally)is this right way of accounting if wrong give me solution.
11 July 2012
excise duty should included in purchase value .
11 July 2012
in your case excise duty not receivable for you, hence you need to treat it in purchase...dont make seprate ledger for excise duty, its not required.
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