Excess Amount for Excise

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Harshavardhan (Querist)
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22 May 2009 Dear Experts,

We are availing SSI Expemption in Central Excise for Last Year, At the time availing we are crossed 1.5 cr limit. Our sales value 1.5 Lakhs excess thats why we Paid 12 Thousand excess ED without any collection, Pls help me Hw to Account this balance 12 thousand, Nw My ledger as show excess amount paid on excise duty

ca hardik

ca hardik (Expert)
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23 May 2009 You have to expense out that excise payment in the profit & loss account, by treating it as the normal expenditure of that year. or if you have already c/f. that balance amount in the next year, then you should treat as prior period expenses with heading Mis.Bal. written off.