accounting treatment for Excise duty on stockpiling
Hello What is the accounting entry for Excise duty paid on stock piling. Direct expense to payable.. Any effect on closing stock valuation?
21/01/2020 15:44:53
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Ujjwal Pawra23/01/2020 11:09:31
Typically this will be an expense of the entity and thus Direct expense to Payable should be the accounting entry. If you increase the stock valuation, you will be recovering the duty from the customer as part of the price of the product.
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