Accounting Treatment of Excise Duty

Rajesh (Analyst) (30 Points)

27 March 2010  

Dear Members,

Purchase  Cost                                  Rs.20 Cr

Cenvat  Receivable                            Rs.1.60 cr

Sales                                                    Rs.36 cr 

Excise Duty Payable on Sales         Rs.2.88 cr

FG Closing Stock                              Rs. 40 lacs

Excise Portion on FG Csing           Rs. 3.20 lacs

Please guide me to pass enteries for excise duty on sales and on FG

Thanks and Regards

D. Sreekanth