Inclusion of ex.duty in clg stock

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priyankabagga (Querist)
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04 November 2012 is there any evasion being done in excise or incme tax if excise duty has been included in closing stock and equal provision created on liablities side, also in trading and profit and loss a/c closing stock is exclusive of excise duty....i.e. no effect in p/l as such

Guest

Guest (Expert)

04 November 2012 NO EVASION AS PER INCOME TAX OR EXCISE AS YOUR INCOME DOES NOT CHANGE. BUT FROM ACCOUNTING POINT OF VIEW ITS WRONG AND VIOLATION OF AS 2

priyankabagga

priyankabagga (Querist)
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04 November 2012 how come pls explain....

priyankabagga

priyankabagga (Querist)
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04 November 2012 how come pls explain....

Guest

Guest (Expert)

04 November 2012 as per AS-2 inventory valuation , inventory should be valued at cost or realizable value which ever is lesser, and so point of levy of excise is complection of manufacture , and as per AS-2 and guidance not on accounting of excise duty it should be added to cost of inventory,

so you have to add the excise duty in closing stock in both Trading & p n l and balancesheer

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