Stock statement.
Querist : Anonymous
I am preparing Stock Statement first time. Pls. see following transaction.
FG Rate Basic Excise VAT Net Total
500nos 10/- 5000/- 515/- 689/- 6204/-
Kindly tell me what will be our rate of finished goods for 1 qty.
Rs.10/- Or (+ Excise & VAT) ??? [6204 / 500=12.41 ?]
Thanks in Advance.
Raj.
Excisable Stock Value should be Including Excise.
But VAT Should Not include.
So 5000+515 = 5515
.
5515/500 =
Querist : Anonymous
Thanx for reply.
Is this rule is applicable for Raw Material also ? Coz, Finsished goods rate applicable on Sale Rate & Raw Material rate is applicable on Purchaser Rate.
Kindly Advice.
Thanks.
The reason being that excise is a duty/charge on manufacture. So when we manufacture any FG, liability for excise arises(though liability to pay arises only when goods are moved outside factory). Hence excise on FG manufactured is to be shown as an expense in P&L A/c and to be included in valuation of FG.
In case of VAT/CST, the liability arises only at the time of sale and not on manufacture. Hence not to be considered for valuation of FG.
Hope the concept is clear now!
and Not to Consider.if Tax paid/payable is for Taking Credit.
Querist : Anonymous
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