09 October 2009
We are to develop sample product for our overseas customers. What is the entry to pass in our books of accounts. Our product is excisable . So we pay excise duty on sample sales by raising an Excise Invoice.Excise duty payable account has been opened under Current Liabilities group.( As we use Tally package)
U can open a Sales Ledger in Tally " Sample Sale with no commercial value" or some other name as u find appropriate.
Now pass an sales voucher with the said sales ledger without any sales value and put the excise value.
I am just thinking about the party ledger where it would be debited as for showing even 0 value sales in tally you have to show some customer account but in your case nobody will pay you the excise duty.
So let me think over this whether we can pass a journal for the excise portion only without passing the sales voucher.
Thank you.You have recognised the problem properly. Problem lies in Party ledger under Sundry Debtors -C/Asset.As the party will not pay and the name of the party stand under current assets
CAclubindia
