17 August 2009
I would like to know whether sales should be booked gross (net sales + excise duty) or it should be booked net and excise duty should be accounted separately.
Further i would like to know whether excise duty paid on finished goods is booked as manufacturing expenses or adjusted against payable.
I would appreciate if somebody reply with proper jv to illustrate properly regarding 1) sales entry 2) payment of excise duty entry.
CAclubindia
