24 December 2009
To inflate the turnover one has added excise duty in sales figure and to nullify the same excise duty is debited to trading account. (it has been done for the purpose of cc limit bank requirement.
24 December 2009
ANY CONSEQUENCE WHICH APPLIES TO INCORRECT REPORTING BY AN AUDITOR.SCHEDULE VI TO THE COMPANIES ACT REQUIRES SALES NET OF EXCISE DUTY TO BE DISPLAYED ON THE FACE OF THE P & L A/C AND THE SAME SET OF RULE IS GENERALLY ADOPTED FOR ANY GENERAL PURPOSE FINANCIALS STATEMENTS
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