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Accounting Entry for Excise & Sales Tax

3180 views 2 replies

Hi All,

Very good morning

I am designing a software in which i need to post Sales Tax & Excise Entry.

So please let me know when it should be posted and with which amount

Case 1:

Purchase 1000 Rs / Excise 100 / Sales Tax 100 Rs

Goods Received of 500Rs along with bill

Case 2:

Sales is made of 1000 Rs / Excise 100 Rs / Sales Tax 100 Rs

Creditor becomes insovent so nothing is recovered from him

Should I have to remit Sales Tax and Excise to Government Authority??

 

Thanks in Advance

ChintaN

 

 

Replies (2)

ofcourse you have to remit duty to government,...

purchase a/c dr. 1000

excise duty ............100

-----------------------------

...............................1100

Vat @ 10% ..............110

------------------------------

................................1210

 

excise and vat both are related to invoice and clearence of goods, they are not related to your payment received or not.      


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