Question

Where does export duty goes in final account

Answer 1

Explanation:

Trading Account is the first stage in the process of preparing final accounts. Trading account shows the gross profit or gross loss during an accounting year. Its main components are sales, services rendered in the credit side of such sales or services rendered in the debit side.

Answer 2

Export duty goes in Trading A/C Debit side

Explanation:

final Account contain three part

1. Trading A/C

2. Profit & Loss A/C

3.  Balance sheet

Trading A/C: It  is a Stock Detail Account  and Contain Direct Material , Direct Labour and Direct Expenses.

Excise Duty is a Direct Expenses and goes Debit Side of the Trading Account Because Trading Account is a Nominal Account

Rule of Nominal Account is Debit all Expenses and Credit all Income & Gain

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