In a trader's books of accounts, how should I account for excise duty on goods purchased? I need full entry.
P.S. trader is not passing over his CENVAT
In a trader's books of accounts, how should I account for excise duty on goods purchased? I need full entry.
P.S. trader is not passing over his CENVAT
If CENVAT Credit is not utilised then show it as cost...
Purchases A/c (including Excise) Dr .........
To Bank/Creditor A/c .............
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