Excise duty provision on finished goods

sudheer (Accountant) (72 Points)

16 September 2011  

Hi,

 Please find the following whether i have done this correct or not, if not please correct me, last year i have taken Excise Duty on FG -ve, now it comes +ve, please ... tell me the reasons, if iam please correct me.

 

  For the For the
  Year Ended  Year Ended 
  31.03.2011 31.03.2010
MATERIAL CONSUMPTION    
     
Raw Material consumed    
   Opening Stocks                      82,074                            -  
   Purchases                 1,071,879                  280,633
                 1,153,953                 280,633
   Less: Material consumption capitalised                       (9,362)                     (2,792)
                 1,144,591                 277,841
   Less : Closing Stocks                   (251,827)                   (82,074)
Raw Material consumed                   892,764                 195,767
     
 (Increase ) in Stocks    
       ( other than raw material )    
   Opening Stocks    
      Work in Progress                        6,801                            -  
      Finished Goods                      38,261                            -  
      Scrap                        1,940                            -  
                      47,002                            -  
     
   Closing Stock    
      Work in Process                      83,419                      6,801
      Finished Goods                      65,985                    38,261
      Scrap                        1,020                      1,940
                    150,424                   47,002
     
     
( Increase ) / decrease in Stocks                   (103,422)                   (47,002)
( Increase ) / decrease in Excise Duty                           177                     (4,147)
     
                    789,519                  144,618