Subscribe to CCI PRO and support your CAclubindia community. Click Here!

treatment of excise

CA Abhash (Chartered Accountant) (324 Points)

25 January 2008

how the entries to be passed, if closing stock is valued inclusive of excise and if valued exclusive of excise. basically i want to understand treatment from the angle of sec 145A.

Reply
Follow
Share

1 Replies

Kapil Bajaj (Service) (112 Points)
Replied 25 January 2008

Dear Mr. Abhash, This is a tough call, there is a conflict between Income tax and Accounting standard -2 and guidance note on cenvat . With no impact on profit at all.. please check the link below for more details https://audityahrudhayam.blogspot.com/2007/12/sec145a-vs-as-2.html thanx.