Regarding exise and depb
This query is : Resolved
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.
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
(Expert)
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,
AND EXCISE DUTY IS EXPENSES WILL BE MENTIONED ON LEFT SIDE .
REGARDS,
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