What is Excise Duty ? How its entry will be passed in
accounting book ?
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 |
How to pass journal entry of gifts purchased for employee by using campany ATM card
What is the master account?
what is account reconcillation
What is investment banking?
Assuming you are at the office and a colleague criticizes u, how would you react?
Closing stock not considered in Trial Balance,why?
Capital reserve is - a) real account b) nominal account c) personal account d) none of them
1. RPC Ltd. follows the written down value method of depreciating machinery year after year due to (a) Comparability. (b) Convenience. (c) Consistency. (d) All of the above.
In which book of prime entry would the vat output Vat on credit sale be recorded?
2 Answers Digitals India security, Genpact, Marketing Sales, SSIL,
what is reccission?how it is started
what is an acquisition?what is merger?
What is 3/3 in Procure to pay (p2p) in Accounts Payable?