Treatment of Excise Duty in the profit and loss a/c.
This query is : Resolved
24 October 2008
Hi
How the excise duty on stock in trade/finished goods are to be treated in the p&l account compare to excise duty paid on sale of goods (since companies reporting in two different places i.e below gross sales and under expenditure side in the Annual Report).
should be considered under stock adjustments or under expenditure side or should be included with excise duty paid on sale of goods.
Kindly clarify
Thanks & Regards
N Nagarajan
How the excise duty on stock in trade/finished goods are to be treated in the p&l account compare to excise duty paid on sale of goods (since companies reporting in two different places i.e below gross sales and under expenditure side in the Annual Report).
should be considered under stock adjustments or under expenditure side or should be included with excise duty paid on sale of goods.
Kindly clarify
Thanks & Regards
N Nagarajan
31 October 2008
In my opinion Vattable duties are out side the purview of P & L account.
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