Excise duty

bobby (Employee) (86 Points)

23 August 2007  

Hi friends,

in case of manufacturing co.  , whether we should book sale net of gross of excise duty, for ex    -     debtors ---dr  rs 120

                            to sale   100

                            to excise duty payable 20  

according to me the abovementioned entry should be passed,

then hy in balancesheet sales are shown inclusive of excise duty and , excise duty is separately deducted from sales fig...  is it according to any accounting standard or what??????