Balance at the end of accounting period

This query is : Resolved

firoz ali (Querist)
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14 April 2014 manufacturing firm sold goods to the whole seller on 28/03/2013 as follows

s.debtors A/c Dr. 110
To sales 100
To Excise Duty 5
To Vat payable 5
vat & excise duty paid on 5/04/2013
Q. 1 at the Balance Sheet date the amount of duty liabilities shall stand at the Current liabilities or what?

Q-2 in case of firm providing taxable services and acquired service from the taxable provider
the tax credit of service tax shall be eligible or not?

Vishnu Saboo

Vishnu Saboo (Expert)
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14 April 2014 Excise duty payable as on 31st March to be paid by 31st march only.
yes Vat payable will be shown in statutory dues.
service tax credit may be availed al together you booked ur liability.