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Excise Duty

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(Querist)
13 September 2010 Please give me some guidance about treatment of excise duty adjusment in p&l a/c as per schedule 6, if suppose purchase is Rs.100 , sales is 120 , excise on purchase is 10rs and excise on sales is rs 12 , how to show this in p&l account? how the profit to be calculated with excise figure or without it?
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CA. Rabindra

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CA. Rabindra (Expert)
13 September 2010 1.As per Schedule VI the Excise duty on Sale should be disclosed as deduction from the Gross Sale amount.i.e
Gross Sale 120
Less: Excise Duty 12
--------------------------------
Net Sale 108
--------------------------------
2. On purchase u should take Cenvat of excise duty.
Purchase a/c. Dr. 90
Cenvat Excise Duty Dr. 10
To Party a/c 100


If you donot understand this calculation then u r free to call me on 9891886788
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