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How to calculate Excise duty in manufacturing secoter.
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Answer Posted / devender kumar
I Can explain this answer by an examples.
An export company purchased clothes for rs. 200000 from
pearl global. and after manufacturing sales to the fortune
export for rs 300000. If excise duty is paid @ 12%.
Ans. accounting enteries will be:
Purchase ac Dr 200000
excise duty Input Dr. 24000
edu. cess @ 2% on excise duty dr. 480
She cess @ 1% on excise duty dr. 240
To Pearl global cr 224720
Fortune export Dr 337080
To sales 300000
To excise duty Output 36000
To edu. cess @ 2% on excise duty 720
To she cess @ 1% on excise duty 360
Excise duty Output dr 37080
To excise duty Input cr 24720
To excise duty payable cr 12360
excise duty payble 12360
To bank Ac 12360
| Is This Answer Correct ? | 134 Yes | 9 No |
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