Dear Friends
if X was registered under cantral excise as a dealer & purchase coal from MCL with paid excise duty
Basic purchase price = 100.00, Excise Duty = 6.00, vat @ 4% = 4.24,total purchase cost = 110.24 and excise duty pass to the manufacture under invoce Rule 11 .
sell coal to a sponge iron manufacture Rs. 115.00 with vat @ 4% = 4.60 total sell vale = 119.6
Can the manufacture co. paid Rs. 119.6 + excise duty Rs. 6 = 125.60
and how to accounting entry pass by the delear of the above excise duty
CAclubindia
