Disclosure under revised schedule vi

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How to disclose Revenue from operation and Excise duty there on in statement of Profit & Loss as per Revised Schedule VI of Companies Act'1956?

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Originally posted by : SUDHANSU
How to disclose Revenue from operation and Excise duty there on in statement of Profit & Loss as per Revised Schedule VI of Companies Act'1956?

REVENUE FROM OPERATIONS: The details are as under –

Particulars

Current Year

Previous Year

Sale of Products

XXX

XXX

Sale of Services

XXX

XXX

Other Operating Revenues (specify nature, if applicable)

XXX

XXX

Sub–Total

Less: Excise Duty

XXX

(XX)

XXX

(XX)

Net Amount = As per Statement of P&L

XXX

XXX

.
AS–9 requires disclosure of Excise Duty (collected on Sales) on the face of the Statement of P&L, but Sch VI (R) requires such disclosure in Notes to Accounts.
.
Since AS – 9 prevails over Sch VI (R), the Company may present the elements of Revenue from Sale of Products, Sale of Services and Other Operating Revenues, and also Excise Duty, on the face of the Statement of P&L, instead of disclosing the same in the Notes.


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