Treatment of Excise Duty in the profit and loss a/c.
This query is : Resolved
24 October 2008
Hi
How the excise duty on stock in trade/finished goods are to be treated in the p&l account compare to excise duty paid on sale of goods (since companies reporting in two different places i.e below gross sales and under expenditure side in the Annual Report).
should be considered under stock adjustments or under expenditure side or should be included with excise duty paid on sale of goods.
Kindly clarify
Thanks & Regards
N Nagarajan
How the excise duty on stock in trade/finished goods are to be treated in the p&l account compare to excise duty paid on sale of goods (since companies reporting in two different places i.e below gross sales and under expenditure side in the Annual Report).
should be considered under stock adjustments or under expenditure side or should be included with excise duty paid on sale of goods.
Kindly clarify
Thanks & Regards
N Nagarajan
S.Srinivasaraghavan
(Expert)
31 October 2008
In my opinion Vattable duties are out side the purview of P & L account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Gift to nri relatives resides in usa
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
