manish aggarwal (Consultancy ) (26 Points)
13 June 2011hey me in great need for journal entries to be passed as per GN on ED if removal is made to depot at year end the stock is lying unsold at depot .
Please also let me know how it will be shown in balance sheet and profit and loss a/c
Regards
ManishAggarwal
CA Final Student
Rajnikant Vadigoppula
(CA, CS And CMA Final)
(919 Points)
Replied 13 June 2011
provide for excise duty as follows
Rate:-duty rate at place of factory on date of clearance.
Value:-value of goods cleared is sale price prevailing of that goods in depot on the date of cearance.
CAclubindia
