Regarding exise and depb

This query is : Resolved

Sudhakar (Querist)
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27 April 2012 What is the meaning of this querry:

Our consultant showing excise duty paid in Trading Account debit side as expenses and in other income on credit side of trading account they are showing excise duty received and DEPB A/C. Whether what amount we paid as excise duty that amount we have to show as DEPB as income. Kindly explain this.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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01 May 2012 consultant is right because when you sell this DEPB licence after receiving it will be mentioned on credit side (INCOME)

AND EXCISE DUTY IS EXPENSES WILL BE MENTIONED ON LEFT SIDE .

REGARDS,

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