While closing books for the year end, We had Closing stock
which is inclusive of VAT(i.e Cost price + VAT), What is
the treatment of this Closing Stock in the P&L and BS , is
Closing Stock Shown Inclusive of VAT (ie. Cost price +VAT)
or, without VAT (ie. Cost Price)
Answer Posted / kumar
Closing Stock in the balance sheet & P&L A/c is always
exclusive vat only i.e Cost price
Is This Answer Correct ? | 10 Yes | 0 No |
Post New Answer View All Answers
Explain what does financial statement of the company includes?
get fixed assets items
What is account payee cheque? Expand ctc cheque?
capital goods purchased from Singapore. payment made by bank in rupees. but the invoice value is in USD, How to make purchase entry in tally?
how to create salary and pf statement in excel sheet?
I have deducted Notice pay Rs. 5000/- in which account to be booked the same enty, what is the head for notice pay in profit and loss a/c.
What do we mean by purchase return in accounting?
What is meant by public accounting?
My question is that can i taken input credit of service tax of telephone bill & courier bill & labour contractore bills in exemption Area.
How Advances to suppliers for purchase of raw materials is to be considered while calculating Drawing Power
Please let me know Under head of Sales Advance?
Explain the concept of responsibility accounting
what will be the possible question for an interview in account post as a fresher
How familiar are you with crm?
how to pass journal entries for reverse tax on input tax paid