Dear experts,
Excise Duty paid on Exports which is a current Asset account should be debited to Excise Duty Refund on Export but debited to ED paid Account at Factory level at the time of utilization.
For Example:
Actual Entry to be posted:
ED Refund on Exports 100
To ED Payable 100
But posting as :
ED Paid A/c 100
To ED payable A/c 100
Please help me ...
Regards
Satish
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.