Dear Sir/Madam
I am in manufacturing industry in our company Excise Duty Payable on sales has been taken under the group of "Sales Accounts" in Tally ERP.9 but as per my opinion it will be grouped under the head of "Duties and Taxes"
So please let me know the correct grouping in Tally ERP.9 for Excise duty on sales.
As per valuation rules, any duties paid shall be included while valuing the product if it is not refundable.
Accordingly the grouping taken in P n L is correct but it shall be grouped under Duties and taxes while accounting it in balance sheet.
Thanks for you answer, but why excise duty should come under P&L A/c. It is neither profit nor loss
It think should come only under the Liabilities side if it payable otherwise in Balance sheet if actual paid is more than the payable.
You are most welcome for comments on the above.
Pm`d "U"
CAclubindia
