14 October 2007
In closing stock of FG should be shown with Excise duty as on 31.03... The same should be reversed as on 01.04... The impact of adding ED in FG nothing. Just for accounting 145A the same is added in the closing stock. For better understaning i have uploaded regarding AS2 vis a vis sec 145A in our files portal. Kindly go thro the same it will help you more. Inclusive and Exclusive methods also applicable for VAT from FY 06-07. The detailed guidelines with examples are given by ICAI which is available in our files portal. You will easily understand the examples which given by ICAI. Kindly download it.
Take care of the following points related to provisions 145A
1. Reversal of the ED at the next financial year 2. adjustment to the closing stocks 3. taking care of inclusive and exclusive methods (VAT) 4. to understand the provision given in AS 2
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