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Provision for excise
what are the entry to be passed when revising the excise provision..?
Replies (4)
Dear shaif you want to increase provision or decrease?
Opening balance sheet show credit balance of ED provision and closing finished goods value also include the same..I want to revise the entry ...
Dear Shafi your question is still not clear to me So I advice you to send me a pm describing the whole case with amounts. Please also mention previous yr provision amount and treatment of the same as you are saying opening balance is shown in closing. But the same should be adjusted in the current year.
Previous year entry passed
Ed account. Dr. (P&l). 67000
To. Provision for Ed. (Current liability) 67000
Finished goods Dr. 67000
To. Trading ac. 67000
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