Excise duty reconciliation basic
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Central excise duty is payable on goods before they are removed from the place of manufacture based on the assessable value determined by a central excise officer. The central excise act of 1944 and tariff act of 1985 along with rules issued by the central government and its notifications are the sources of central excise law. Goods covered under central excise include alcoholic liquors, opium, narcotic drugs, and other manufactured or produced goods except those exempted. There are two schedules under central excise - Schedule I covers duties determined on an ad valorem basis according to the tariff, while Schedule II covers specific uniform rates of 8% and 16%.
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Central excise duty is payable on goods before they are removed from the place of manufacture based on the assessable value determined by a central excise officer. The central excise act of 1944 and tariff act of 1985 along with rules issued by the central government and its notifications are the sources of central excise law. Goods covered under central excise include alcoholic liquors, opium, narcotic drugs, and other manufactured or produced goods except those exempted. There are two schedules under central excise - Schedule I covers duties determined on an ad valorem basis according to the tariff, while Schedule II covers specific uniform rates of 8% and 16%.
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Company 1Company #1Income StatementBalance SheetAll numbers in tho
Company 1Company #1Income StatementBalance SheetAll numbers in thousandsAll numbers in thousandsRevenue20182017Period Ending20182017Total Revenue14,134,73212,866,757Current AssetsCost of Revenue9,510,2388,668,505Cash And Cash Equivalents1,290,2941,111,599Gross Profit4,624,4944,198,252Short Term Investments512-Operating ExpensesNet Receivables87,86875,154Selling General and Administrative2,576,0982,395,608Inventory1,641,7351,512,886Total Operating Expenses12,086,33611,064,113Other Current Assets11,84713,642Operating Income or Loss2,048,3961,802,644Total Current Assets3,151,1572,813,049Income from Continuing OperationsLong Term Investments7121,288Total Other Income/Expenses Net-7,676-16,488Property Plant and Equipment2,382,4642,328,048Earnings Before Interest and Taxes2,048,3961,802,644Other Assets187,718166,966Interest Expense-18,847-19,569Deferred Long Term Asset Charges--Income Before Tax2,040,7201,786,156Total Assets5,722,0515,309,351Income Tax Expense677,967668,502Current LiabilitiesNet Income1,362,7531,117,654Accounts Payable1,059,8441,021,735Short/Current Long Term Debt84,973-Other Current Liabilities9,90224,559Total Current Liabilities1,926,4021,752,506Long Term Debt311,994396,493Other Liabilities434,347412,335Total Liabilities2,672,7432,561,334Stockholders' EquityPreferred Stock--Common Stock3,7963,919Retained Earnings2,071,4001,801,138Treasury Stock-318,252-272,755Capital Surplus1,292,3911,215,806Total Stockholder Equity3,049,3082,748,017Net Tangible Assets3,049,3082,748,017
Company 2Company #2Income StatementBalance SheetAll numbers in thousandsAll numbers in thousandsRevenue20182017Period Ending20182017Total Revenue38,972,93435,864,664Current AssetsCost of Revenue27,831,17725,502,167Cash And Cash Equivalents3,030,2002,758,477Gross Profit11,141,75710,362,497Short Term Investments-506,165Operating ExpensesNet Receivables860,000327,166Selling General and Administrative6,923,5646,375,071Inventory4,579,0004,187,243Total Operating Expenses34,754,74131,877,238Other Current Assets-12,217Operating Income or Loss4,218,1933,987,426Total Current Assets8,469,2008,485,727Income from Continuing OperationsLong Term Investments--Total Other Income/Expenses Net-44,982-130,838Property Plant and Equipment5,255,2005,006,053Earnings Before Interest and Taxes4,218,1933,987,426Goodwill97,600100,069Interest Expense-8,860-64,295Intangible Assets-144,900Income Before Tax4,173,2113,856,588Other Assets504,000321,266Income Tax Expense1,113,4131,248,640Deferred Long Term Asset Charges-6,558Net Income3,059,7982,607,948Total Assets14,326,00014,058,015Current LiabilitiesAccounts Payable2,644,1002,488,373Short/Current Long Term Debt--Other Current Liabilities-1,429,136Total Current Liabilities5,531,3005,125,537Long Term Debt2,233,6002,230,607Other Liabilities1,512,5001,331,645Total Liabilities9,277,4008,909,706Stockholders' EquityPreferred Stock--Common Stock5,048,600628,009Retained Earnings-4,962,159Treasury Stock--441,859Capital Surplus--Other Stockholder Equity--4 ...
Draft PPT FY 2021-22_v2.pptx
This document provides a summary of the statutory audit for FY 2021-22. It includes sections on voluntary adoption of Ind AS accounting standards, Ind AS related issues, system related issues, audit observations, and CARO non-compliances. Some key highlights include voluntary adoption of Ind AS financial statements, previously communicated Ind AS issues like revenue recognition and lease accounting, system issues with capital advances accounting and FB60 transactions, audit observations on clearing accounts and advances, and CARO non-compliances. The document outlines the audit work performed and findings to be presented to the Board.
Debentures
This document discusses accounting for debentures. It defines debentures and different types of debentures such as secured vs unsecured, redeemable vs irredeemable, registered vs bearer, convertible vs non-convertible. It also discusses the issuance of debentures for cash, consideration other than cash, and as collateral security. The document covers accounting entries for interest on debentures, redemption of debentures through lump-sum payment, installments, or conversion to shares. It provides an overview of key concepts related to debentures.
Final accounts
- The document discusses key steps in the accounting process including preparing trial balance, final accounts (trading account, profit & loss account, balance sheet), and various adjustments needed for the financial statements.
- It provides examples and explanations of key final account components like trading account, profit & loss account, balance sheet, and adjustments for closing stock, outstanding expenses, prepaid expenses, accrued income, and more.
- The purpose is to explain how to close accounts and prepare final financial statements that show the profit/loss for the period and current financial position.
Trial balance
The document discusses trial balance, which is a statement that lists the debit and credit balances of ledger accounts to test the arithmetical accuracy of accounting books. A trial balance has certain features, such as being prepared on a specific date and including all ledger accounts. It also discusses the purpose of a trial balance, which is to test accuracy, provide a summary of ledger account balances, and serve as the basis for preparing final financial statements. The document outlines different methods for preparing a trial balance and provides examples of common account adjustments that are made, such as for closing stock, depreciation, outstanding expenses, and prepaid expenses.
Uop acc 497 final exam guide (new, 2017) new
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India local tax
1. Sales taxes in India include the Central Sales Tax (CST) and Value Added Tax (VAT). CST is applied to inter-state sales while VAT is applied intra-state.
2. Under CST, the state from which the goods originate receives the tax revenue. CST rate is 2% if a C form is obtained, otherwise the state rate applies.
3. VAT aims to reduce the cascading effect of taxes. It provides input tax credit, so tax paid on inputs and capital goods can be credited against output tax. The difference is paid to authorities.
Flow of accounting_entries_in_oracle_applications
This document provides an overview of accounting flows in Oracle applications modules like purchasing, manufacturing, inventory, order management, payables, receivables, cash management and general ledger. It then presents a case study of Parry Confectionery Ltd, a chocolate manufacturer, outlining its production process and transactions from November 1-30, 2007 to demonstrate how accounting entries would be generated. Key steps include creating items, costs and bills of materials, loading opening balances, processing transactions, creating jobs, orders, returns and provisions. The goal is to explain accounting concepts using this example data without representing any actual company.
Similar to Excise duty reconciliation basic (20)
A N N U I T Y Q U E S T I O N S F O R A P T I T U D E T E S T S
A N N U I T Y Q U E S T I O N S F O R A P T I T U D E T E S T S
Company 1Company #1Income StatementBalance SheetAll numbers in tho
Company 1Company #1Income StatementBalance SheetAll numbers in tho
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Excise duty reconciliation basic
- 2. Excise Duty Excise Duty is on Manufactured Goods. Central Excise Act, Central Excise tariff Act, Central Excise Valuation Rules.
- 3. When we are liable to pay Excise Duty? When we remit the same? To whom do we Pay? Does only Company required to pay Excise Duty? How do we come to know the rate for particular item to be charged? What will be the consequences if we not Excise duty pay?
- 4. As per the CARO, an auditor is required to report whether there is any disputed or undisputed dues with department. In the Tax audit report we need to report CENVAT credit receivable, CENVAT credit utilized and assessable value for the year is required to be disclosed.
- 6. Consider we are in the manufacturing industry, lets pass the entries for certain transaction. 1. Purchase raw material for 10,000 Purchase a/c Dr 10,000 Cenvat credit receivable a/c Dr 1,250 To S. Creditors a/c 11,250 2. Sale of FG for 15,000 S. Debtor a/c Dr 16,875 To sales a/c 15,000 To Excise duty@12.5% BED a/c 1,875
- 7. At end of the month we will pass the following entry 3. Excise duty Payable a/c Dr 1,250 To Cenvat Credit Receivable a/c 1,250 4. Excise duty@12.5 BED Dr1,875 To Excise duty Payable a/c 1,875 5. Personal Ledger A/c (PLA) Dr 625 To Bank a/c 625 6. Excise duty Payable a/c Dr 625 To Personal Ledger a/c(PLA) 625
- 8. Personal Ledger Account As we suppose to pay government when we remove goods from the factory, for convenience we credit every payable to PLA account and once in a month we pay to the department. This is the account that we maintain with the department.
- 9. Disputed dues Department will send the notice to Assesse and if assesse is not agreed for the same then there will be a dispute. We need to disclose the same in the CARO and tax audit report.
- 10. Tax audit report: We need to state how much CENVAT credit availed, utilized and assessable value for the year. We also need to state if there is any Excise audit conducted by the department and also any qualification given by them. Inventory Valuation: As per AS 2 we need to include excise duty to the closing stock, why? As it is a cost to the company we need to include it in the closing stock.