06 September 2009
while following the inclusive method of accounting as per 145A. how the provision should be made for the vat or excise which are include in the closing stock of finished good.pl. give an exmple for the same if possible also give the accounting entry
06 September 2009
inclusive method is the method in which vat/excise is not segregated while making the entry in the books for sale & purchase. and in this case the excise included in closing stock will be made as :-Excise duty dr. to prov for excise.
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