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
1 Replies
VINAY BHARGAV KUMAR G
(Chartered Accountant)
(221 Points)
Replied 25 August 2016
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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