I am very much confused about following question,plz try following
A company manufactured 12000 coloured TV during the year. Determine excise duty payable from the following particular:
I) Retail price of TV Rs 5,000. It includes excise duty.
II)Sold 8,000 TV to wholesaler.Discount allowed @ 20% on retail price.
iii)TV sold in retail for Rs 2,000
iv)The balance 2,000 Tv not recovered from factory
v)The company purchased input for manufacture of TV For Rs 3,00,00,000 It include basic excise duty Rs40,00,000
vi)The closing stock of input is Rs25,00,000
vii)The company is liable to pay basic excise duty @ 16%
viii)The rate of abatement allowed is @ 35% of selling price.
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