Entry for excise paid finished goods
SHALINDER JOSHI (ACCOUNTS EXECUTIVE) (46 Points)
10 February 2016SHALINDER JOSHI (ACCOUNTS EXECUTIVE) (46 Points)
10 February 2016
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 10 February 2016
The value of the finished goods (including excise duty paid) is shown as closing stock (at the warehouse) in the books. Entry would be:
a) Stock-in-trade Dr
To Trading & Profit & Loss A/c
But if you use accounting software, you don't have to make this entry, it will automatically be taken care of by the software
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961