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Entry for excise paid finished goods
please give the entry for excise duty paid finished goods lying at warehouses at the end of the financial year. The excise duty was paid at the time of transfer to warehouses but the goods are not sold till the end of the financial year.
Replies (1)
The value of the finished goods (including excise duty paid) is shown as closing stock (at the warehouse) in the books. Entry would be:
a) Stock-in-trade Dr
To Trading & Profit & Loss A/c
But if you use accounting software, you don't have to make this entry, it will automatically be taken care of by the software
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