Accounting of excise duty

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.

Replies (4)

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"

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 October 2026
Articled Trainee

J Y & CO

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
ARTICLESHIP 29 October 2026
Article Assistant (CA Inter / CMA Inter) - Thrissur

Varma Raja & Associates

Thrissur

CA Inter

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details