Hi Frns,
Kindly help in resolving below issue:
Suppose i have manufactured 100 units chairs in which there were 10 chairs which got scrapped.
now, when i sold these chairs. i got 90,000 for finished chairs(1000 each) and 2500 for these 10 scrap chairs(250 each).
Now my question is if i have input credit of say Rs. 1000, can i use it against the sale of this scrap.
kindly let me know all the accounting entries related to excise in his particular case.
regards,
monika
CAclubindia
