sales
This query is : Resolved
17 August 2009
I would like to know whether sales should be booked gross (net sales + excise duty) or it should be booked net and excise duty should be accounted separately.
Further i would like to know whether excise duty paid on finished goods is booked as manufacturing expenses or adjusted against payable.
I would appreciate if somebody reply with proper jv to illustrate properly regarding 1) sales entry 2) payment of excise duty entry.
Awaiting for reply.
Thanks
Jayesh N. T
Further i would like to know whether excise duty paid on finished goods is booked as manufacturing expenses or adjusted against payable.
I would appreciate if somebody reply with proper jv to illustrate properly regarding 1) sales entry 2) payment of excise duty entry.
Awaiting for reply.
Thanks
Jayesh N. T
18 August 2009
In either ways the net impact would be same but preferred to book Excise seperatly.
Exccise duty on FG should not be mfg exp.
Exccise duty on FG should not be mfg exp.
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