Provisions of Sec 145A

This query is : Resolved

Share Report Follow Query Ask a Query

Mrunalini

Mrunalini (Querist)
Follow

14 October 2007 Kindly enlighten me on provisions of Sec 145A.. emphasis on excise duty part for stock valuation

Ravikumar.G

Ravikumar.G (Expert)
Follow

14 October 2007 In closing stock of FG should be shown with Excise duty as on 31.03... The same should be reversed as on 01.04... The impact of adding ED in FG nothing. Just for accounting 145A the same is added in the closing stock.
For better understaning i have uploaded regarding AS2 vis a vis sec 145A in our files portal. Kindly go thro the same it will help you more.
Inclusive and Exclusive methods also applicable for VAT from FY 06-07.
The detailed guidelines with examples are given by ICAI which is available in our files portal. You will easily understand the examples which given by ICAI. Kindly download it.

CMA Gul S

CMA Gul S (Expert)
Follow

15 October 2007 Mrunalini,

Take care of the following points related to provisions 145A

1. Reversal of the ED at the next financial year
2. adjustment to the closing stocks
3. taking care of inclusive and exclusive methods (VAT)
4. to understand the provision given in AS 2

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok