23 September 2011
dear sir my quires is that if we sold to finished goods to party and after one month party return our finished goods and we resale this finished goods to some other party in that case it will come in RG-I
for example in july-11 we manufacture 100 nos and same qty we have sale to Party-A and entries show in RG-1register(100 manufacture & 100 Sale) in Aug-11 Party-A has been return our product.and month of Aug-11 we have not do any manufacture the above 100 nos which Sale return we Resale to Party B in this our RG-1 register showing (-)100 nos
Example:- month Production Sale Closing July-11- 100 100 0 Aug-11 0 (To-B)100 - 100
kindly suggest how to we can make proper entries as per excise rule.
14 November 2011
You should maintain records of Sales Return in u/r 16. In your case, you have to mention 100 Pcs as manufacture qty in the month of Aug-11. In production report you should mentioned that it inclueds sales return material.
RG-1 stock can't be negative as it is directly related to daily physical stock.
CAclubindia
