Excise duty Entries in case of depot sales and stock remaind

1208 views 1 replies

Consultancy

26 Points Joined April 2010

hey 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

Replies (1)

CA CS And CMA Final

919 Points Joined May 2009

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.

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