Interested to Buy Any Domain ? << Click Here >> for more details...
What is Excise Duty ? How its entry will be passed in
accounting book ?
- 2 Answers
- 18542 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / h.r. sreepada bhagi
Excise Duty (Now Called CENVAT) also called Central Excise
Duty is a duty levied by the Central Government (in India)
on the manufactured goods on the companies which come under
the purview of Central Excise as per the law.
It's collected int eh Sales Invoice on the basic value at
the rates prescribed in the Customs Tariff. This duty
collected should be remitted to the government as prescribed
in the Central Excise Act (Cenvat Act) after adjusting Input
Tax Credit, if any. The company (Manufacturer/Seller) should
also file periodical returns with the department of Central
Excise & Customs as applicable to them.
When the duty is collected, credit it to Cenvat liability
a/c & when remitted, debit this a/c. When Input Credit is
adjusted, debit this a/c & credit Cenvat Input Credit a/c on
the under assets group in your books of accounts.
| Is This Answer Correct ? | 34 Yes | 8 No |
Answer / ashwnirao
excise duty is company carriage related expanses
excise duty a/c dr
To cash a/c
| Is This Answer Correct ? | 25 Yes | 23 No |
Tell me entries to revenues accounts such as service revenues are usually?
Goods costing Rs.40000 was lost by fire but 3/4th of the claim was accepted by the insurance company
What is tds and how it is calculated?
How familiar are you with crm?
Premium collected by Insurance co. What will be all Journal entries & effect in the book of Insurance co in Transaction date & Period end date.
Company purchase software what is the journal entry or software a/c under which department in tally
rents part of its building for a monthly fee of $1,250. The rent for the month just past has not been received.
under the modified cash basis of accounting, most revenues and expenses are recognized on the cash basis. Which one of the following items is an EXCEPTION to this accounting practice? a.Advertising b.Professional Fees. c.Supplies d.Rent
Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
tds,pf,esi,edcation.callculation, and salary preparation
What will be the entry in book, stock get destroyed in fire Of rs. 1, 00,000/- in two circumstances?
what is the finalisation of accounts,
Audit 
